In case you weren't aware, the Democrats have unveiled a plan to provide Americans with a Universal Basic Income, in hopes of providing another much needed stimulus to the already devastated economy. As of this morning, 22 million Americans have filed for unemployment (myself included, and I can't even contact the local office via phone).
This approach is a much broader one than the one-time stimulus, and PPP loans that are all but impossible to obtain, without prior bank obligations. Any American 16 years of age or older that makes less than 130k a year, would be eligible to receive $2,000 per month. These payments would continue until the number of cases return to pre-COVID numbers or up to 6 months. Perhaps this all could provide a jolt to the crypto market? With more and more talks of politicians wanting to use a digital asset? Widespread adoption is just around the corner with our society being ever more scared of viral infections.
The CARES Act has been, at best, a way for lenders to get rich, but until now, there hasn't really been much talk about getting every American financial help in these trying times. I believe this is the best time to give UBI a try. And to those saying Socialism, all of the United States safety net programs have been decried as Socialist agendas when they began. But right now, people are not working, and need a little extra help with just getting by.