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Isn't this an indication that the program has failed?
At some point, the money runs out if you give it to people, on a long term basis, who do not produce anything and do not earn a living. This may not necessarily be the people's fault. It could be the regulatory environment which make it cost prohibitive to hire more employees.
Here, the money is running out, and Dorsey is volunteering to rescue the program. COVID and the lockdowns is resulting to a ton of lost tax revenue... which means cities can't fund basic income requirements that they have subjected themselves to.
This is free-will redistribution. I am all for it because the government is not involved. Dorsey can do that as much as he wants, until he chooses not to. Then what?
Social media site founder and tech investor Jack Dorsey has just donated $15 million to an initiative that will test the idea of a guaranteed monthly income among Americans.
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He noted that he hopes the pilot programs he helped fund will inspire federal policy change.
Some 29 mayors formed Mayors For A Guaranteed Income, which was launched in June 2020 by Stockton, Calif. Mayor Michael D. Tubbs (D). It’s goal is to bridge wealth inequality rooted in systemic racism by providing a basic universal income for all U.S. citizens.
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Part of why Dorsey has advocated for a universal basic income relates to the workforce shifting to automation. A guaranteed income, he argues, will help Americans provide for their families in uncertain times.
CNBC reports that the cities involved in the income piloting program will receive $500,000 to continue funding programs they had previously launched.
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This donation comes at a pivotal time, with the COVID-19 pandemic upsetting the financial situation for millions of Americans due to various economic sectors shutting down and losing business.
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How does Universal Basic Income help bridge wealth inequality rooted in systemic racism? The very definition of universal is applicable to all. So the rich would get the same basic income as the poor, keeping the inequity the same.
Limit it to those that need it? It's not universal, and it's not basic income, just another form of welfare by another name. Handling it as a private donation is fine with me, people can do whatever they want with their money as long as it's legal. In this case, it sounds like a nice tax deduction. Maybe some others with deep pockets will do the same.
Wonder what his motive for financing UBI truly is.
Because I doubt he is doing this out of the bottom of his heart...
Ingenuity is not some never-ending cycle. eventually we're going to reach the point where the next technological leap is going to be a singularity, and whatever new jobs get created are filled by existing technology.
That alone would erode the entire economic base for 90% of the country. The only way you're going to stave off that literal walled-off gilded city future, is by siphoning off the money getting concentrated in the smaller pots and redistributing it as UBI.
Have you ever noticed that it's generally not the rich who complain about the government giving poor people money? The rich understand that they are wealth derives from poor people spending. The people complaining about poor people on welfare are people one step removed from being poor themselves. They don't understand the bigger picture of how money flows, so they think that not redistributing money is somehow a good idea.
Ingenuity is not some never-ending cycle. eventually we're going to reach the point where the next technological leap is going to be a singularity, and whatever new jobs get created are filled by existing technology.
That alone would erode the entire economic base for 90% of the country. The only way you're going to stave off that literal walled-off gilded city future, is by siphoning off the money getting concentrated in the smaller pots and redistributing it as UBI.
Have you ever noticed that it's generally not the rich who complain about the government giving poor people money? The rich understand that they are wealth derives from poor people spending. The people complaining about poor people on welfare are people one step removed from being poor themselves. They don't understand the bigger picture of how money flows, so they think that not redistributing money is somehow a good idea.
Poor people won't spend a lot because they don't have a lot to spend... they are buying essentials - not necessarily tech products.
Twitter gets money from advertisers. Advertisers aren't poor. Companies that advertise get money from sales - probably from the middle class... you know, the class that is slowly disappearing.
Dorsey is making the donation from #startsmall, his philanthropic limited liability company, which he launched on April 7 by transferring $1 billion worth of Square shares — then 28% of his net worth — to the LLC. Dorsey said he would primarily focus his charitable efforts on Covid-19 relief, and also fund efforts to improve girl’s health and education, as well as UBI experimentation.
Since its inception, the value of #startsmall has grown to $2.26 billion, as a result of a 165% surge in the price of Square’s stock. In the past three months, the billionaire executive has given $160 million to charities. He tracks all gifts in a public Google spreadsheet.
Poor people won't spend a lot because they don't have a lot to spend... they are buying essentials - not necessarily tech products.
Twitter gets money from advertisers. Advertisers aren't poor. Companies that advertise get money from sales - probably from the middle class... you know, the class that is slowly disappearing.
Do poor people use cell phones? Use the internet? Do they watch tv? But groceries? There's more being advertised than just products, and poor people are as essential to Twitter's bottom line as some tech bro is.
Do poor people use cell phones? Use the internet? Do they watch tv? But groceries? There's more being advertised than just products, and poor people are as essential to Twitter's bottom line as some tech bro is.
The Obama phone... free of charge
Language alert...
The poor don't have the disposable income to bankroll Twitter. Twitter makes money from all classes of people.
The poor don't have the disposable income to bankroll Twitter. Twitter makes money from all classes of people.
Again... there's more being advertised on Twitter than just Helly Hansen jackets. Boost mobile advertises on Twitter. Is their demographic the K Street consultants in DC? No. It's people who need a cheap phone plans.
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