Since the beginning of the coronavirus pandemic, Americans have been displaced from their jobs and their homes.
In all this time, this full-year almost, the government had sent out one stimulus check to Americans.
While it appears that struggling Americans may not get a second round of the popular $1,200 stimulus checks, the bipartisan $908 billion Covid-19 relief bill includes a reauthorization of the Paycheck Protection Program (PPP) for a second round of subsidies to businesses, and nearly $300 per week in extra federal unemployment payments.
Shark Tank investor Kevin O'Leary says that bailing out Americans should be the federal government's top priority. "I'm not worried about business in America, I'm worried about people in America," laments Mr. Wonderful.
The Canadian entrepreneur further added that bailing out the shareholders of certain companies such as airlines that "should go bankrupt", to the detriment of Americans who desperately need those stimulus checks would be very wrong.
O’Leary told Yahoo Finance Live. “I’d much rather have a stimulus package that gives individual checks or extends unemployment benefits for the next 14 months. The idea that the government can pick winners and losers in business has clearly been demonstrated to be false.”
O’Leary said the government should “stop funding companies” and deliver much-needed cash to Americans. He added that federal payments via the Payment Protection Program (PPP) was “wasted” due to fraud and abuse.
“Why do I want to bail out the shareholders of an airline when really it should go bankrupt?” O’Leary said. “The middle name of airlines is bankruptcy. They do it well, every seven to 10 years. Let them do it again, to downsize because I don’t need them, the S&P doesn’t need them. We don’t need to fly everywhere anymore. We can do it on a Zoom call. I want to take care of the flight attendants and the people that used to work at those airlines, but that’s just one sector of the economy.”
Mr. Wonderful seems to know what he's talking about and the plan honestly makes sense. Regardless of whether or not I think we should get another stimulus check, it blows my mind that these good-for-nothing Democrats in the House can't put their differences aside to help Americans out with financial assistance.