"Free Money" For All?
Inspired by @steembasicincome to start a discussion and a sharing of understanding on this subject - here is a very valuable Ted Talk on the idea of a Universal Basic Income - also known as "free money for all". It is by no means a new concept, as you will learn from the talk, but I personally feel that it is the way of stable economic future - in addition to blockchain and cryptocurrencies ;)
I have a very lengthy opinion on the multitude of positive impacts this could have on society and the economy, and only one or two minor concerns. But I will let you form an opinion after watching the video and save mine for any follow up conversations that will hopefully take place. I hope you enjoy!
When I first started learning about the idea of unconditional basic income years ago, one of my favorite pieces was one actually written by Rutger Bregman, and it was that 2013 article that ended up being expanded into his 2017 book. I recommend reading both, as well as watching this video.
Also, here's an entire list of other TED talks, all about UBI to learn even more from different perspectives.
this is an interesting concept, and while i hope something along these lines can happen so, i feel pessimistic about it.
we are going through a shift in energies, in recognizing the grace and dignity of humankind over all ... and these folks need to be given the opportunity to rise up and strengthen the rest of us. yet here i am talking about the 'woke' as separate from myself! oops.
anyways, train of thought sorta lost - thank you for sharing this. i'm a big fan of paine's writing, and having him mentioned early on in the video was awesome!
I never understood the logic in thinking that people who can't handle small amounts of money can be trusted with more money.
Which people can't handle small amounts of money? There have been a lot of studies with very interesting results. I would encourage watching the talk if you have not. A lot of the questions are addressed by means of research. Either way, it is an interesting topic to talk about in my opinion.
Poor people.
There are very few people who can't fend for themselves. Able body poor people are poor because of choices, whether they be monetary or general life choices.
There have been studies that also show lottery winners end up blowing all of their money and most end up broke.
Giving people free money is no different than giving them other handouts, it just keeps them reliant on the system that is giving it to them.
I would argue that it is a rare occurrence that poverty is a choice. Yes, there is a very small percentage of the population who choose to not do anything except hold their hands out. But they will be there no matter what. In this scenario everyone from the billionaire to the beggar gets the same amount of money and the welfare programs are all but eliminated.
I didn't say poverty is a choice.
I am saying that a lot of people who are in poverty are there do to poor decisions. By giving them enough money "to live on", what keeps them from making more poor decisions and squandering that money?
Welfare programs should be a trampoline and not a net nor a standard of living. It would be better to reduce the burden of government and increase the ability to work and earn, then to handout money in hopes that it will be an incentive to make oneself a better person.
The money isn't the government's, so it still has to come from the people who are working and paying into the system.
Are you suggesting that some kind of ongoing financial education needs to be required as part of the financial aid package?
I'm suggestion that many Home Economics should be required in multiple grades in schools with an extensive exam to make sure they got it.
That is sadly missing in today's world, I really wish it was a core subject in schools today.
While my kids are young, I am trying start them down a path of financial education so they don't make crippling decisions when they are 18 - 25. Early decisions and habits have some of the biggest impacts.
It's as important as the basic math. Knowing math will teach you how to calculate sizes and shapes of things, how to change the scale of the things, and how to know when things aren't looking right as you are making calculations but knowing how to put the numbers to use in practical ways is extremely important. Unless people get real life practice before they need to make big decisions they (illogically) just don't trust the lessons and go with whatever instinct tells them they are most comfortable with. Classes through the last few years of school would make so much difference.