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Mr. Mittins statement is contradicting.
First he says every American should receive some bucks, then goes on to say the working class needs some help financially.
So, which is it, those that work, or every American?
A flat rate cash handout is disproportionately effective for the lower end of the class scale. Getting a check for 1k can be the difference in becoming homeless for a family living paycheck to paycheck, where as it would hardly be noticed by a billionaire.
The same ones that beach about the debt think this is a good idea. I really don’t need $1k right now but how many people would fess up to that and how many that don’t need it would say screw it I’ll take it and spend it on something stupid?
Most people would spend it on junk food and booze with a crowd of 10 or more coughers and sneezers.
The key is guaranteeing the payments system. The first step in that direction is to cut rates to zero and ensure that banks achieve their legal reserve requirements on a daily basis.
Then the policy goal should be to ensure that people have the basics: water, food, shelter, electricity and some fuel.
Problem is implementation. How do we agree on what basket and quantity of foodstuffs is basic? Quantity of water, electricity and food? And for how long?
What payment mechanism? Not everyone has a credit card. Not everyone even a bank account. What about tenant to landlord rent payments? Food stamps and other types of vouchers?
Difficult, but not impossible to figure that out.
On the other hand, absolute certainty is if simply gifted cash, a significant amount of people is dumb enough to spend it superfluously very quickly and the day after they would be no better off than the day before they received it.
Chances are that we will be on mandatory national lockdown by the end of this week, because local and state officials are demanding it, because they see how dumb people really are, they can't control them on their own, and they don't want to take responsibility for forcing them to do the right thing.
I immediately felt bad after I posted,like the kid who tells his classmates there is no santa because he saw his dad and grandpa playing with the toys and wrapping them the night before.
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