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View Poll Results: If it were economically feasible, would you support Universal Basic Income in the US?
Yes 27 43.55%
No 35 56.45%
Voters: 62. You may not vote on this poll

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Old 09-11-2017, 06:46 AM
 
Location: Zurich, Switzerland/ Piedmont, CA
32,342 posts, read 55,131,075 times
Reputation: 15407

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Mark Zuckerberg recently talked about this, I also read that Hawaii is exploring this

Apparently a study says giving $1,000 a month to every adult would add $2.5 trillion to the economy, and eradicate poverty and homelessness in many parts of the country.
Basic income would grow GDP by $2.5 trillion, study finds - Business Insider

Many countries are currently debating this in various forms.
https://en.m.wikipedia.org/wiki/Basic_income

$1000 a month is nothing to me and Id probably donate it to charity but $1000 could seriously lift lots of people into a much better standard of living. I still have serious concerns about how we're going to pay for this but I definitely like the concept.

What do you think?
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Old 09-11-2017, 10:41 AM
 
Location: crafton pa
979 posts, read 356,124 times
Reputation: 1194
It suffers from what economists call the "nominal fallacy". What do you suppose will happen, for instance, to the level of rents when everyone has an additional $1000 per month to spend? What will happen to food prices? Money is a commodity in a capitalist system the same as any other commodity. We are accustomed to thinking of the price of goods in terms of money. We know that supply and demand control that price. An increase in the supply of a good without a corresponding increase in demand results in the reduction of that good's price. The same goes for money. We can think of the price of money in terms of other goods. An increase in the supply of money, such as what a UBI would entail, would cause a decrease in the price of money. IOW, it would take fewer goods to purchase a given amount of money. This is inverse of our normal way of thinking, but is equivalent to saying that it would now take more money to purchase a given amount of goods. It sounds like a good idea, but without a corresponding increase in the productivity of the economy (i.e. an increase in the demand for money), it would lead to inflation. With that inflation, the benefit becomes questionable.
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Old 09-11-2017, 03:35 PM
 
Location: Clemson, SC by way of Tyler,TX
4,849 posts, read 2,975,563 times
Reputation: 3394
No.
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Old 09-11-2017, 03:43 PM
 
Location: Minneapolis (St. Louis Park)
5,991 posts, read 8,311,571 times
Reputation: 4270
Makes me wonder what Zuckerberg stands to gain from this.
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Old 09-11-2017, 07:36 PM
 
Location: Cincinnati
637 posts, read 1,031,663 times
Reputation: 500
Yes. They owe it to the American taxpayers.

Trillions Go Missing from the Military: Pentagon Can't Account for $6.5T in Taxpayer Cash - Fox Nation

There is $9 TRILLION MISSING from the Federal Reserve. Here is the Clinton Foundation’s connection with the Federal Reserve. Donald Trump is right! WE NEED TO AUDIT THE FED! – InvestmentWatch

Between all of that, the War on Drugs, and the handling of 9/11 and the War on Terror...I'm surprised Americans haven't burned down Washington. I guess Monday Night Football or DWTS will have to be interrupted for folks to care...
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Old 09-11-2017, 08:57 PM
 
Location: Arvada, CO
13,236 posts, read 24,407,950 times
Reputation: 13004
Yes, only because it's inevitable.

Any proposal of this sort would eradicate the need for food stamps, cash aid, SSI, etc., which may save on administrative costs, and would get rid of any concept of a "welfare office", aside for things like Medicaid (which obviously would be handled by single-payer at some point (also inevitable IMO)).

The labor force has been shrinking since 2000, with no signs of that changing any time soon. Automation and outsourcing may even speed that up.

In my own personal experience, finding people who care about their jobs/care about working is becoming harder to find as well, particularly at the working class level. Unfortunately, I don't have much hope that will change.
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Old 09-12-2017, 04:22 AM
 
2,064 posts, read 761,617 times
Reputation: 2226
These studies are bullsh*t why are we trying to fix a system that isn't broken? It would kill our productivity, cause capital flight, massive inflation lowering our collective standard of living. To say this would give people a cushion to innovate & start their own business is a joke, it would just be a massive welfare program. A much better proven way to jump start small business and innovation just get government out people's way. Leftist economic experiments do not have the best track record incase you havent noticed.
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Old 09-12-2017, 04:38 AM
 
593 posts, read 199,957 times
Reputation: 481
Buzz words for Communism " Basic Income "

Universal basic Income is for lazy non functional degenerates..

We already have too many of these degenerates in our society..

We need to encourage these people to migrate to Communist Red China or Russia so that we can finally be rid of them once and for all..

We are Americans we breed ingenuity, We bringTop Tier products to world markets..

What your suggesting is Dysfunctionality, non productivity,

Extremely Un American ..

We work our butts off and love it to take care of those we love..

Migrate
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Old 09-12-2017, 07:44 AM
 
Location: Twin Cities (StP)
3,017 posts, read 1,869,658 times
Reputation: 2342
Why not just lower my tax rate instead? So I get to keep $1000 more per month.
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Old 09-12-2017, 07:54 AM
 
2,557 posts, read 2,176,886 times
Reputation: 1810
This is already being carried out just across the border from Detroit, in Ontario Canada.

Basic income project applications being mailed out in Ontario - Thunder Bay - CBC News

https://www.ontario.ca/page/ontario-basic-income-pilot

In the Ontario example, they are starting this with a pilot study by randomly selecting households making less than $48,000 CAD a year to take part, and then studying the results and impacts on the economic welfare and general well-being of the impacted households. A single person is eligible to receive up to $17,000 CAD per year, while a couple $24,000 CAD per year, in addition to their conventional forms of income. Disabled persons are eligible for an additional $6,000 per year.

Personally, I'd rather wait and see the results and impacts of this pilot, rather than make preconceived judgments on the outcomes when there is limited data to evaluate the pros and cons.
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