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This brings up the interesting (to discuss) idea that if a UBI is implemented, there should no longer be a minimum wage as the UBI places a floor on income. In
by rexreed 7y ago
This brings up the interesting (to discuss) idea that if a UBI is implemented, there should no longer be a minimum wage as the UBI places a floor on income. In many ways the minimum wage doesn't offer benefit in an economy where the self-employed will participate out of their free will in income generation through service such as Uber, DoorDash, Etsy. Often those self-income sources generate less on a per-hour basis than minimum wage, however, since the income earner is free to stop and start at will the presence of a floor of hourly wage has no impact.
- shkkmo 7y agoIt seems like you could pair a gradual introduction of a UBI with a commensurate reduction in the minimum wage and slowly find the sweet spot for our current economy. It seems like this could be a good form of economic stimulus during downturns.