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We all know the coronavirus is spreading and we also know people are panicking and reacting to the media by wiping toilet paper off the shelves. But one billionaire says to not worry, there’s at least a one reason to be optimistic about this situation.
Generally, when billionaires talk, I personally listen. I am fascinated by their take on life and how they achieved the success that got them where they are. Mark Cuban, for example, says that there is a reason to be optimistic instead of anxious about all of the recent events that have crushed the stock market and panicked the public in ways I have never seen in my time on Earth.
Cuban says any bailouts could be used as a steppingstone toward income equality. He wants any corporate American bailout to help workers just as much as the companies they work for. Cuban said he believes that any industry hit hard by the coronavirus pandemic (and there are MANY, especially small businesses) should be required to share any federal incentives with all employees. And second, he said no stock options should be repriced at lower levels unless every worker owns stock. “Everyone must be treated equally,” he wrote.
Cuban, who owns the Dallas Mavericks promised to continue to pay his hourly employees even after the NBA suspended its season. As the pandemic continues to take its toll on the economy, the calls for federal assistance for large companies have also increased, including a $50-billion plea from the airline industry. President Trump on Tuesday said he’s considering a “big, bold” stimulus package.
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Trump’s plan would include “helicopter money.” He wants to give every adult in the United States $1000. The stock market opened down again Wednesday morning even as Trump’s stimulus plans became known by the general public.
The Trump administration is no longer considering a payroll tax cut as stimulus, likely because Congress won’t be able to make it happen in time to have any effect on the economy that’s flailing as people panic. The Treasury chief also said President Donald Trump has signed off on allowing the deferral of $300 billion in payments to the IRS. Those deferrals will be penalty free for 90 days.
The government is scrambling to salvage what little is left of the economy, and in an election year, this is making a huge impact and already swaying voters. The Trump administration is having a hard time maintaining control of the economic situation.
None of the solutions are really goods ones, but Cuban’s optimism is what is encouraging. He’s found a bright spot in what is otherwise being called a “grim” situation. We could all stand to be a little more positive during this crisis while staying aware of what’s happening, but also refusing to live in a constant state of fear and anxiety.
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