What do you think about basic income?? ($50k, currency, dollars)

[le roi]

Originally Posted by J.Thomas

It's slowly coming

Swiss will vote to implement or not.

https://en.wikipedia.org/wiki/Basic_income

There are so many useless people globally at some point i think it should be implemented.

Let's give these folks some cash to burn

Automation is a strong trend.

Maybe by the next decade we won't need such a huge labor force

I like the idea of basic income , provided that it comes straight from the central bank, directly into pockets of U.S. citizens. I believe it would give us a different type of inflation, help combat 'stagflation,' and generally reduce the influence of U.S. financial institutions over U.S. economic planning.

Minor deviations from that formula -- say, taxing wages and using that as revenue for basic income -- would not really be a meaningful departure from how our system already works.

[HappyTexan]

Originally Posted by le roi

I like the idea of basic income , provided that it comes straight from the central bank, directly into pockets of U.S. citizens. I believe it would give us a different type of inflation, help combat 'stagflation,' and generally reduce the influence of U.S. financial institutions over U.S. economic planning.

Minor deviations from that formula -- say, taxing wages and using that as revenue for basic income -- would not really be a meaningful departure from how our system already works.

It can't. It would have to come from the Treasury, not the Fed.

Who do you think runs the Fed? Who do you think runs the Treasury ?

[SportyandMisty]

Originally Posted by rruff

Food is cheap if you buy basic stuff at the grocery and cook it.

I bought some take-out sushi, took it home, cooked it, and it tasted just like fish.

[SportyandMisty]

Originally Posted by Perma Bear

Some people such as myself are born on the peninsula (The most expensive section of land in the world).

The peninsula is inexpensive when compared to, say, Tokyo or Hong Kong.

[le roi]

Originally Posted by HappyTexan

It can't. It would have to come from the Treasury, not the Fed.

Ok, so have the Fed give it to the treasury first, if that satisfies your lust for the status quo.

Who do you think runs the Fed? Who do you think runs the Treasury ?

Both exist due to the will of congress.

[ContrarianEcon]

Originally Posted by greywar

Turns out in the studies done on basic income, one of the selling points is that people can decide best how to spend their money, and that adding on bureaucracy to manage it to the point you want to is wasteful.

IE we're looking for a better solution, not a replication of our current system.

Yes but...


Just a small amount of money no strings attached. That is a really good idea. Then you get into trying to optimize the system for other things... bad idea. Cut the red tape, everyone just gets the same amount.

[ContrarianEcon]

Originally Posted by ncole1

We sort of already have that - the earned income tax credit. It's just really low and barely offsets payroll taxes...

Ya and not that effective.

[Mircea]

Originally Posted by greywar

Turns out in the studies done on basic income, one of the selling points is that people can decide best how to spend their money, ...

Yes, on beer, tobacco, drugs, gambling, X-Box/Sega, more drugs, tattoos, toys, more tattoos, more gambling and the children get kicked to the curb and thrown under the bus.

Then the Left-Wing starts its tear campaign about children and food insecurity and children and being homeless and we're right back to Food Stamps and HUD.

[greywar]

Originally Posted by Mircea

Yes, on beer, tobacco, drugs, gambling, X-Box/Sega, more drugs, tattoos, toys, more tattoos, more gambling and the children get kicked to the curb and thrown under the bus.

Then the Left-Wing starts its tear campaign about children and food insecurity and children and being homeless and we're right back to Food Stamps and HUD.

Actually on things like "housing, food, water, clothing, etc etc etc"

Those are facts, not your dreamed up assumptions. Your argument is nonsense based upon false assumptions. I sometimes wonder if people make this assumption because thats what they think they would do, but mostly I think its a assumption that poor people ALWAYS deserve to be poor because they are not moral people.


some articles:

The Best Welfare Reform: Give Poor People Cash - The Atlantic

This Startup Gives Poor People A Year's Income, No Strings Attached

[greywar]

Looks like Canada is joining other countries in exploring the idea of a basic income.
Ontario announces basic income plan - Tech Insider

I must admit, while I think a basic income is inevitable, countries are moving on it a LOT faster then I expected. I figured that it would be years before even limited experiments like this occurred.

Countries are a long ways from needing it, so this is surprising.