This Shark shares excellent advice you need to know
While on Twitter, I saw that Shark Tank co-host and investor Kevin O’Leary shared his thoughts about the $1200 stimulus that the United States Congress is working on. Initially, I thought Kevin was against the stimulus and would tell Americans they can get through the epidemic. Kevin is a self-made businessman and I thought he would not support another $1200 stimulus for US citizens. After watching the video, I was right, he doesn’t support another stimulus.
Instead, Kevin shared two other ideas that actually sound much better. Let’s take a quick look at where the United States unemployment looks today. The September unemployment in the United States is 801,000 as reported by the Bureau of Labor Statistics. This is down from the previous high of 14.7 million in April this year.
These numbers are not great but much better than what happened earlier in the year. This could be one of the many reasons the United States government is delaying the second stimulus.
Kevin highlighted two ideas on CNBC.
Kevin believes people who are unemployed should receive $400 weekly checks for 14 weeks. He understands shareholders have been supported already with the bailouts that totaled $640 billion. Kevin believes it’s time to take care of people instead of shareholders.
Over 14 weeks, the $400 weekly checks would amount to $5600. This is much better than $1200. For people who are unemployed, this money would allow them to pay for their rent and utilities while looking for another job. The government may pay a little more money but they would really help out the people who need the money the most.
The Shark Tank co-host added that not everyone needs a $1200 stimulus check. From the April high of those unemployed, the number reduced dramatically. They have already found work. This would save the government a lot of money.
The government needs to focus on those who need the money instead of giving everyone another stimulus check. From what I have read, a third of people who received the first stimulus used the money for their rent, cellphone, utilities, and cable TV. Others spent the money on sporting goods, apparel, television, video games, and toys.