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Even if we zero out every US billionaire (imagine that for a second; take 100% of their wealth and leave them with exactly $0) it would not even cover 1/5 of th

by asow92 5y ago

Even if we zero out every US billionaire (imagine that for a second; take 100% of their wealth and leave them with exactly $0) it would not even cover 1/5 of the US national debt. We can't see taking their money as a viable long term solution to UBI. Our debt is out of control and our day of reckoning will come eventually. Nothing is free; markets will correct for UBI and people will become just as poor as they were over time. Existing UBI studies cannot take into account for the _universal_ aspect of UBI because they are controlled studies — there will be unintended consequences. https://www.econlib.org/library/Enc/UnintendedConsequences.html https://www.econlib.org/library/Enc/UnintendedConsequences.h... https://www.politifact.com/factchecks/2021/nov/02/viral-image/confiscating-us-billionaires-wealth-would-run-us-g/#:~:text=Estimates%20put%20the%20total%20wealth,30 https://www.politifact.com/factchecks/2021/nov/02/viral-imag.... https://www.nytimes.com/2022/02/01/us/politics/national-debt-30-trillion.html https://www.nytimes.com/2022/02/01/us/politics/national-debt...

optimiz3 5y ago
The COVID stimulus programs were a sort of UBI program. We're now starting to see mass inflation in part due to lower labor participation and excess liquidity. Obviously only part of the picture as quantitative easing and low rates are also driving excess liquidity, and omicron is also driving lower short-term labor participation.
- asow92 5y ago
  Emphasis on the sort of part; universal means universal—everyone gets it. It's not Universal Guaranteed Income, it's Universal Basic Income. My wife and I worked the whole time and we made too much to ever get any stimulus. So we worked while we saw many people our age goofing off and seeing just how long they could ride the unemployment wave—yes, they really were proud of this. Meanwhile another half our peers want their college debt forgiven because they can't cut it in the real world with their liberal arts degree. Mark my words: if they ever do get around to slashing college debt, those who did what they were supposed to will be left there with their bill in hand while everyone else who made every ill-advised decision gets off for free.

by asow92 5y ago

optimiz3 5y ago

The COVID stimulus programs were a sort of UBI program. We're now starting to see mass inflation in part due to lower labor participation and excess liquidity. Obviously only part of the picture as quantitative easing and low rates are also driving excess liquidity, and omicron is also driving lower short-term labor participation.

asow92 5y ago
Emphasis on the sort of part; universal means universal—everyone gets it. It's not Universal Guaranteed Income, it's Universal Basic Income. My wife and I worked the whole time and we made too much to ever get any stimulus. So we worked while we saw many people our age goofing off and seeing just how long they could ride the unemployment wave—yes, they really were proud of this. Meanwhile another half our peers want their college debt forgiven because they can't cut it in the real world with their liberal arts degree. Mark my words: if they ever do get around to slashing college debt, those who did what they were supposed to will be left there with their bill in hand while everyone else who made every ill-advised decision gets off for free.