4 ms·

The same realization applies to UBI. What we had, in effect, was the closest thing we will ever get to a nationwide short-term UBI experiment and it was a comp

The same realization applies to UBI. What we had, in effect, was the closest thing we will ever get to a nationwide short-term UBI experiment and it was a complete disaster. The worst fears about UBI were realized with just a few payments: people gambling with the money, creating stock bubbles with meme stocks, and contributing to a rapid rise in inflation. People will say that wasn't really UBI -- but it's the closest we have ever been to it and probably the closest practical implementation we could ever expect from our government, and with "real" UBI people would have been given even more free money.

LambdaComplex 4y ago
> People will say that wasn't really UBI Which makes sense, because it wasn't. A key point of UBI is its consistency: you know you are getting that money every month, indefinitely, and therefore can plan/budget accordingly. A one-time payment? Okay, sure, I can use that to cover my rent this month, but then it's not doing me any good. So why pay my rent with it when I can go gamble with it and maybe luck out? > and with "real" UBI people would have been given even more free money. tldr: the point isn't the amount of money, it's the consistency.
- twblalock 4y ago
  There were multiple rounds of stimulus payments.
  - Jcowell 4y ago
    That were uncertain. UBI premises hinges on certainty.
nemo44x 4y ago
The problem is being smart lands you in positions of power today but being wise has no value towards that. Everyone knows UBI can’t possibly work but enough people who are or think they are smart will find every way possible to convince themselves and others it not only can work but it’s obvious why it will. Ignoring thousands of years of humans that said “no”. We have a paleo-phobia problem today where for whatever reason there are a lot of people that are pretty sure the entire history of humanity has been wrong about most things and we are the fortunate ones to know better, today. Without ever considering that we are possibly just cascading our problems due to our unwise choices. Regardless, history has shown that decadence is the end of a culture.

LambdaComplex 4y ago

> People will say that wasn't really UBI Which makes sense, because it wasn't. A key point of UBI is its consistency: you know you are getting that money every month, indefinitely, and therefore can plan/budget accordingly. A one-time payment? Okay, sure, I can use that to cover my rent this month, but then it's not doing me any good. So why pay my rent with it when I can go gamble with it and maybe luck out? > and with "real" UBI people would have been given even more free money. tldr: the point isn't the amount of money, it's the consistency.

twblalock 4y ago
There were multiple rounds of stimulus payments.
- Jcowell 4y ago
  That were uncertain. UBI premises hinges on certainty.

nemo44x 4y ago

The problem is being smart lands you in positions of power today but being wise has no value towards that. Everyone knows UBI can’t possibly work but enough people who are or think they are smart will find every way possible to convince themselves and others it not only can work but it’s obvious why it will. Ignoring thousands of years of humans that said “no”. We have a paleo-phobia problem today where for whatever reason there are a lot of people that are pretty sure the entire history of humanity has been wrong about most things and we are the fortunate ones to know better, today. Without ever considering that we are possibly just cascading our problems due to our unwise choices. Regardless, history has shown that decadence is the end of a culture.