Universal Basic Income and Why Everybody Should Take A Second Look.
When I first heard of Universal Basic Income, I've had goosebumps realizing how big a potential it can be of solving a large part of society's problems. At the same time I have this unknown fear that what if it will destroy the balance and instead of helping will drive our society to more chaos.
Seeing the huge impact of this idea, it is therefore worth our time to push our governments and the society as a general to further study and implement any positive aspects of this idea.
For the pros, it is said to 1. Mitigate technological unemployment 2. Increase productivity 3. Improve physical and mental health 4. Improve social cohesion 5. Improve government transparency and efficiency 6. Increase entrepreneurship 7. Stimulate the economy 8. Decrease crime 9. Eliminate poverty 10. Reduce environmental destruction 11. Increase leisure time 12. Increase innovation
For those who are cons, they say that Universal Basic Income may drive people to be lazy and unmotivated. This will make for a society where kids will just play video games on their couch. In one article I read, it is calling Universal Basic Income as "IMMORAL".That without work, people will have idle minds that can be the devil's workshop. Going even further that people will be involved with activities like petty crimes, gambling and terrorism.
The videos below are just some of the many that discusses the said topic:
What about you? What do you think? Is Universal Basic Income good for the society or not? Share us your thoughts by leaving a comment below.
The Cons side of the list posed is pretty weak and seemingly not well researched.
What must be considered are the affects of creating an income floor for all people in a geographic region. If an income floor of $100 is created for everyone, then producers of goods and services are aware of everyone's incomes and will raise prices accordingly. We see examples of this already in the US with post-secondary education where public institutions are provided income floors for their universities. But we don't see the costs of higher education being reduced, we see exactly the opposite: prices rising. I suspect with a UBI and thus creating an income floor, we'd see price inflation across all goods and services. And then you have to ask yourself, how has this helped us?
Now, if a Basic Income sans the Universal part was means-tested and given to only a portion of the population, then you may not see the inflationary affects. But I think we'd have to do multiple geographic tests in say various US states to determine whether or not something like this would be effective.
Further, we would need to figure out how to pay for such an income distribution. If we were going to provide every single person in the US (323 million people) with $40k/year regardless of employment level, you're looking at a cost of $12 trillion. TRILLION. The US GDP is currently $16 trillion and it would be impossible to recoup those economics through taxation. You're essentially looking at a massive 80% tax on the US's entire productivity.
But fine, you might say we wouldn't give everyone $40k/year, we'd give everyone $15k/year. That's still nearly $5 TRILLION.
While I agree the idea of a UBI is a noble one, the economics simply do not add up. Until I see a real solution I feel most UBI proposals are DOA.
Hi @arnel , love your content, keep it up!
The deception that humanity has fallen under is that resources are limited. Jesus Christ proved that those who follow him, leave the system of limited resources. Christ was never limited in resources until he died on the cross. He was born, and immediately resources came from the wise men. He had to pay taxes, and God gave him revelation that a coin was in a fish's mouth (probably because Judas was gone with Jesus's money at that point). He had to feed people, and provision was made miraculously.
These same rules apply to all Christians and all who put God first. Where poverty comes from is stupidness caused by the devil in people's thinking. Poor people are poor because they live in territories of poverty. Principalities and powers rule those who are not of Christ. There are principalities of poverty. What causes those principalities to exist are... 1) rejection of God 2) Fear 3) Traditions of men and anti-God mindsets
The true gospel of Jesus Christ eliminates poverty. The world cannot accept or receive this, it is foolishness to them, and so some oppress and are rich, and others are oppressed and are poor.
Another interesting note is we can meet rich people who are poor, and poor people who are rich. In understanding prosperity, we have to realize it is also not all about financial wealth, but that is part of it.
Thanks for reading... I love your comment. It is quite a content as well. I get a lot of valuable information from it.
This does not address my concerns with it. I didn't mention the Lazy aspect at all.
I told you my concerns.
UBI is much like proposing a minimum wage that everyone gets regardless of activity. I get that it feels and sounds good. I also get the attraction. Yet, I've observed and spent a lot of time thinking about things like minimum wage. I am far from wealthy, and have lived in a poor family all of my life. So UBI would seem to benefit me and my family a great deal.
Minimum wage becomes a moving target, it has to keep being increased. Now this has to be paid by an employer and thus can impact prices they need to sell their goods, and operate thus pretty soon the minimum wage is back where it was before it was increased in terms of purchasing power, but now it has eroded the middle class from the bottom side and there are actually more people struggling than before.
UBI's main difference between it and Minimum wage is that in theory it is not paid for by the employer, and doesn't even require and employer.
Yet that may not be true... see my questions 1 and 2 above as depending upon how those are answered it could still be passed through to the employers.
The likely outcome is that the UBI will need to keep being increased as minimum wage has to be. Currency will devalue and purchasing power will decrease. People will intentionally mark up goods to take advantage of the fact people have guaranteed income. Why wouldn't they? They did this with medical when it was guaranteed, they did this with education when it was guaranteed. What makes you think it wouldn't happen this time?
I get WHY people want UBI completely. Like I said in theory I'd benefit from it personally quite a bit. It is just in giving it serious thought and thinking of more long term ramifications I think it has a lot of problems.
Depending upon the answer to those questions I posed then perhaps it could be done. So far I've not actually seen any plan that addresses those questions very well. It just plays upon the fact that we'll get excited about the emotions, and how it will seemingly help us. Yet, in the long term it could also do harm depending upon the answer to those questions.
When it comes to the mechanics of how and how much UBI should be distributed, should largely depend on the inflation rate of the country or area. And should be dynamic to keep up with the economy of the country, I am looking at yearly review.
But what should be settled first is the necessity of UBI in times like this, as technology and our production dependence on it is rising. The gap is ever widening and its effects on man are also ever increasing.
Yes, as you likely can tell. I am not completely against it. I just need details rather than feels good ideas. We get sold a lot of feel good ideas and that is where a lot of our current financial and societal problems came from.
So I'm asking questions first, rather than just jumping on board and dealing with fall out later. That hasn't worked too well in the past.
I like where you are coming from.. @dwinblood the world needs people with the mind and heart like you.