The former US presidential candidate and one of the most popular cryptocurrency fans, Andrew Yang recently spoke about his signature policy. He suggested that all the adults in America should be given $2K monthly in the situation of this crisis.
Andrew Yang is known by everyone due to the Democratic primary cycle. He was the only candidate who had clear ideas and proper plans for the implementation of cryptocurrencies. He is also an expert in the blockchain space. And finds great potential in the industry. Even in this crisis, he is raising his voice and fighting to bring his signature policy into action.
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In this lockdown period, due to the coronavirus outbreak count of jobless people in the US has increased by another 5M people in the past week. The situation of the country has worsened. Around 13% of Americans are jobless. If we combine them with structural unemployment and those who were not able to file, this percentage increases to 17-20%.
Congress, on the other hand, is trying hard to bring some relief by pumping financial markets with liquidity. They are also providing each American family at approximately $1,200. But, the plan was dropped due to it’s over complexity and for not focussing on the right things. However, according to Andrew Yang, the government is not taking enough measures. The best thing they could do is to give direct cash to the Americans.
Yang even tried to spread his idea through social media. He recently tweeted that each American adult should receive $2,000 each month until the crisis ends. Although he is a financial expert, his tweet received mixed reactions from the users. Some supported his idea whereas some criticized it.
People said that his idea is too expensive to be considered. Whereas, many others underscored the fact that the Fed has been making so much money out of thin air for financial markets. However, it is clear seeing the situations from the last two months that the US government can’t afford this idea.
Yang’s Political Aspirations
Yang dropped out of the U.S. presidential election in February. But he is still actively participating in all the arguments related to the country. In this difficult situation, he is actively supporting the universal basic income (UBI). This proves that his diagnosis of the economy was true. Moreover, he is the only candidate to have knowledge about blockchain technology and cryptocurrencies. Thus, he can be a contender in the future presidential election. But as if now, we can just wait and watch and hope for the crisis to end soon.