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Kevin O'Leary on stimulus checks: Stop 'sending everybody free money'
[Yahoo Finance] President Joe Biden has proposed sending $1,400 checks to every eligible American, as part of his massive $1.9 trillion coronavirus relief package.Shark Tank investor and Chairman of O’Shares ETF, Kevin O’Leary, told Yahoo Finance Live that’s not the best use of taxpayer money. "We're just sending everybody free money from a helicopter," he said. "That's not a great idea." Instead, O’Leary said the U.S. government should only send checks to the unemployed, and pour more money into ramping up vaccine distribution. "I don't know why we're sending checks to people that are already employed," said O’Leary. "That makes no sense to me. The deal should be this. If you are displaced by the pandemic, we will send you a check, because you're unemployed." O’Leary cautions that the U.S. is in danger of putting too much stimulus into the economy and risking "horrific, horrific inflation." He’s also not a fan of industry bailouts, including to the beaten up airlines. "We have too many airlines in terms of capacity because business spending will be down somewhere between 20% and 25% for years to come," he said. "Just give unemployment checks to the employees. They're highly trained. They'll find new jobs in the digital economy. And airlines are very good at going bankrupt... They do it every 10 years. So it's just fine. Stop spending money there." Posted by: Besoeker 2021-02-08 |
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