Do you think UBI {Universal Basic Income] is a good idea
I do
If we don't return to very low unemployment numbers, the question them becomes
What will happen to our consumer economy
UBI allows people to spend and thus the economy prospers greatly
People have money to buy houses and other equity building blocks for retirement
And of course a healthy economy enjoys tax returns, thus getting a good share of the UBI back
Business expands thus more taxes collected and the system just keeps on growing
And don't forget, many people would be left behind in an ever increasing tech work place
What about the people to lazy to work and thus free loading. Yes some will but when business has to raise the wage scale to attract workers, actually willing to work, the higher salary offers incentive to work if the price is right
Lets face it, the economy is all about consumerism. So why not have people with money, which will allow consumerism to expand and bring in more people willing to work for the salary they should be paid and do away with minimum wage laws as anybody working will be paid more than the current minimum wage
Of coarse the CARES Act was the 1st step in an experiment with UBI and most people love the concept
Heck Biden will be elected and the Dems are currently pushing for a similar stimulus bill that takes care of the unemployed due to the corona virus
As we gradually re-open people will like the UBI so much, no Dem in the WH or congress would dare to end the program
Heck there are so many reasons to keep UBI that I bet it never ends. Any 1/2 way good congress person could think of many more good reasons than I can. We need to keep UBI, so that getting legislation passed would be so easy one would not hardly have to try very hard, Putting a bill together, would be a walk in the park, as UBI is what the people want
If the cost of producing things in the USA becomes to expensive to compete, then just print another batch of digital money, and go buy from the cheapest foreign producer. Wall Mart does it every day. It is so easy, heck let's really do it right
And that digital money, heck nobody in their right mind has any intention of ever paying that debt
When have you ever heard of anybody, the Fed, Treasury, congress?? nobody talks about paying the debt. So let's stop with this pretend fiscal policy talking points Powell bores us with every so often and get with the program. Like, isn't that what we have been doing except nobody will admit what we are doing in so many words
Let's be honest and do it up right, as we should.
Good topic/points Wayne!
Are you for socialism?
That's what this is.
I am strongly in favor of socialized medicine(at least part if it)..........which we will eventually have because the current health care system is broken and there is no other way to fix it.
Sorry to change the topic a bit on you Wayne buy feel free to comment on anything related to these related topics.
https://evidencenetwork.ca/five-things-most-people-get-wrong-about-canadas-healthcare-system/
Canada is the only country with a universal healthcare system that does not include prescription drugs. This means that Canadians still pay for approximately 30% of their healthcare directly or via private insurance with only 70% of health costs paid for publicly. In fact, Canadians are as likely to hold private health insurance as Americans.
The best thing about socialism is that it gives everyone an equal level of misery. The rest of it's "advantages" are much much worse.
What I was trying to say is: except for your medical system, I can't think of anything in your country that is not socialist, as of today
In other words if you do not make sufficient income to live above what ever is considered acceptable family income, then the gov't has provided trillions to individuals and corp, flawed as the distribution of those trillions may be, the intention was to provide for the entire economy and people within the economy Obviously the Fed decided some parts of the economy had to fail such as Hertz, and many small business, but UBI would at least give those, who lost a job or business, a basic income
The Fed is also hoping to generate inflation with trillions, which is another expression of increased consumerism, which combined with the reserve dollar is the life blood of the USA
Many entities have enjoyed subsidies for yrs but the last act of socialism occurred when the Fed went "brr" with trillions to be distributed, within the economy
The I speculated Biden would win the election and the Dems if sufficient numbers in congress would continue with socialism for everybody, individuals and corp alike, who qualified for payments, as that is what the majority of people want, based on their decision to vote Dem
I then warned, at the end of the post, that continued debt which nobody expects to pay back will be for you to decide, if debt is a concern to your possible/likely socialist country depending on the election results
You probably know parts of Biden's policy statement if elected, It is 110 pages and very socialist IMO
I had enough trouble getting all this in two posts let alone one post, so I set the stage in post # 1 and finished with post # 2
i see it as a really dumb idea.
here is the problem... lets say you give everyone in america an extra 1000 bucks each month. then all the things that you need will rise in price to absorb that extra money. and you will be NO better off than before they started the program.
the next problem is... where will you get the money? if you just print it, of course it creates inflation. if you tax, then it will hurt the economy. if it is debt, then someone has to pay it eventually, and it hurts the next generation.
inflation is Always a monetary phenomenon......
this same thing would happen for any specific fed program.
lets say you give every farmer and extra 10% (cash each year). then everything he pays for will rise in price. roughly speaking the cost of land will go up, the price of a tractor, and seed, and fertilizer, etc, will all rise about 10%, so after a while he is no better off than what he was before you started giving out the subsidy.
same thing happens with seniors. when the fed sends money to seniors (SS and medicare), then things that the senior needs to pay for will rise faster than the general inflation rate.
this is also why college costs go up faster than inflation. the fed gives lots of money in the form of pell grants, and student loans. without all that money from uncle sam, tuition would NOT rise as fast.
Do not feed the animals. Feeding wild animals creates a dependency on Government that diminishes the animals natural, survival abilities. In short it’s dangerous for the animal because they can end up starving.
Government is the cause of starvation in Venezuela.
Society cannot consume more than it produces or has stored.
I have seen first hand that giving excessive amounts of unemployment causes people to not produce.
Some wonderful succinct points.
bear: "if you just print it, of course it creates inflation......."
The US has been running big deficits since 911, particularly since the '08 melt-down and practically every year since the 70s. So where is all the inflation "everyone", including me, predicted? Why has the Fed in recent years had to try to get the inflation rate UP to 2%?
2020/21 will surely break all deficit records, so maybe this time will be different? This time it will happen?
I'm with you pj.
Have been for balancing the budget for 2 decades and that we will eventually pay a huge price. ....but then, somehow we keep managing just fine.