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Bad news for universal basic income.
(reason.com)
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this post was submitted on 25 Jul 2024
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In capitalism, there is an upward funnel through which money goes from the poorest to the richest. You need a way to take some off the top and inject it back at the bottom of the funnel to keep everything working. Jobs are part of that, but clearly that alone isn't working.
Whether it's through UBI or public services or whatever, there has to be a way to keep that money churning.
I don't know. I'm not an economist, but that seems to be a fundamental flaw in the current system. When the rich have all the money (envisioning a far off day when AI really can do all our jobs) the economy breaks and we are forced to throw all the wealth (and the wealthy) into a big volcano. Which honestly doesn't sound all that bad, but it'll be painful between now and then. I think UBI is a potential fix.
I also think it needs to be thought out really, really hard. Because there are people out there waiting to prey on the unsophisticated with their payday loans and their buying annuities (what else is UBI, really?).
Or do away with capitalism but I'm old and that sounds scary.
It'll trickle down eventually! I've been waiting for it to happen since the Reagan Administration, but just be patient!
I think negative income tax is more suitable for application and has less cons than UBI.