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[–] TheSeer 1 point 0 points (+1|-1) ago 

It is a simple question of whether UBI is financed via DEBT or via EQUITY. Wall St banks already create money for themselves and their cronies out of thin air. It is called fractional reserve banking (with fiat currency). UBI would simply entail taking that power from the Central Banks (Federal Reserve) and Wall St and giving it to the populace at large.

It would be inflationary, sure, but it would be a tremendous stimulus to the economy. Let me explain it this way. We have a system where most of the wealth aggregates in the hands of a very VERY small minority. So you have billionaires, earning a few hundred million annually. Well, how much of that do they spend, exactly? Maybe caviar, yachts, champagne, limousine drivers, high priced escorts, cocaine. But most of it is not spent. So now you take their PRIVILEGE of creating money out of thin air away, and give it to the populace. Now Joe Blo who was scratching a living has another 10k annual. Well, every cent of that $10k will be spent, every year. Maybe some on repaying debt (which doesn't have an economic stimulus effect) but a lot of it on clothes, gas, food, cost of living.

All of a sudden there is more demand for all kinds of services, babysitting, massages, job training, education. People are eating healthier, have more time to exercise, people spending more time with their family, raising their children, increasing happiness and health (isn't this what is most important)?

Hmm, who wouldn't want those things, esp. banks losing the ability to create money out of thin air?

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[–] bourbonexpert 0 points 4 points (+4|-0) ago 

heres the article that convinced me that a UBI is a dumb idea.

https://www.economist.com/blogs/economist-explains/2016/06/economist-explains-4

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[–] TheSeer 0 points 1 point (+1|-0) ago 

Who owns 'The Economist'???

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[–] bourbonexpert ago 

its a globalist mag to be sure, but CEOs and world leaders read it along with the wsj. iicr they are based from england.

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[–] CowWithBeef 1 point 4 points (+5|-1) ago 

This is one of the better ubi counter-arguments. It assumes that political reality will prevent welfare replacement and cause the ubi to be terrible. UBI is a better idea than welfare because it doesn't require you to stay poor and useless to receive it. If the disincentives to being useful remain, ubi is a terrible idea. TBH the UBI also has to repeal the minimum wage to be certain of success.

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[–] 12094974? 0 points 4 points (+4|-0) ago 

This. UBI has to replace all direct payouts and minimum wage has to be dropped completely. Anything else is just political bullshit to buy votes. I would not support a UBI int he US without a Constitutional Amendment outlawing all other forms of welfare as well as any "refundable" tax credits currently used to increase welfare payments on the sly.

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[–] CrustyBeaver52 ago 

You do need to maintain some benefits which technically can be called "welfare" but which actually should not be categorized in that area - stuff like extra money for the severely disabled. Some people require constant care, etc.

However - basic income can and should replace all of the other basic payment systems - everything from welfare through social security. It just becomes income - same as wages. No need to overhaul all kinds of stuff - give it equally to everybody and all it does is to create a floor in the labor market - while that floor already somewhat exists through the welfare type systems now.

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[–] ardvarcus 0 points 4 points (+4|-0) ago 

If this ever gets passed, it would be the last straw for America. It would lock in the underclass in their dependency on government, and insure that only politicians pandering to them would ever get elected. Which, of course, is what the Democratic Party wants.

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[–] GIF-lLL-S0NG ago  (edited ago)

Look at it as more of a bait and switch. You get your handouts now, instead of later on in retirement, but the overall quantity is greatly reduced. You'll spend what they give you now, and create economic prosperity so that there will be all this "growth" and then taxes can go up and pay for all sorts of government programs. UBI is going to replace current entitlement programs, allowing them to write off dollars of future debt for pennies. Another cool tactic would be to do UBI all digital like a credit card issued to US govt. employees, so that if they use for naughty buying, they can monitor it and penalize them, if not outright deny the transaction from processing in the first place.

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[–] TheSeer ago 

Like anything, there is a destructive way to implement it, and a constructive way. The simplest way to demonstrate that is that it can be financed by DEBT (which is the only thing that will be suggested publicly) or via EQUITY. if it is financed by debt, of course it will be destructive, as it will increase the debt burden.