One thing that a lot of people don't take into account is that a universal basic income would have a positive effect on the economy. The economy of this country has always been consumer based. Buying stuff is what drives the economy. Without buying power, people cant buy stuff. When people aren't buying, stuff is not selling, obviously. If stuff isn't selling, or is selling at a slower pace, factories have to cut back on how much they make, or they lose more money. When a company is losing money, people lose their jobs, and their buying power. It's a downward spiral. This downward spiral is what this country is in the middle of right now. And meanwhile, the corporate CEOs still get their million dollar bonuses.
So true @amberyooper
Check out the post!
https://steemit.com/economics/@adconner/the-velocity-of-money
Actually, it is savings and investment which powers economic activity. Consumption is the using up of goods. Production must occur before consumption can take place. And handing out cash to everyone in the form of UBI payments will just result in price inflation, because sellers will raise their prices according to new demand. Kind of like how the government got into the student loan business and tuition increased dramatically. Let markets work, and prices will come down on their own, making more goods available to more people.