How do you feel about Universal Basic Income? Every adults get $1000 per month?

This entrepreneur name Andrew Yang is running for president in 2020. He proposed the idea of paying $1000 per month to all adults living in the U. S. How do you feel about that?

More sources: https://youtu.be/Xz3L79mBKD0

www.youtube.com/channel/UCriIuQZpMi6gEt_2P7xKCwwHow do you feel about Universal Basic Income? Every adults get $1000 per month?
Updates:
2d
In my opinion, I don't know much about it. I think it can be a good idea to help the economy however many people might use that $1000 for drugs and bad things which won't help the economy at all.

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What Guys Said 38

  • For as much as I would like to support a fellow Asian-American, I (having studied Economics to a Bachelor of Science-level) have serious doubts about U. B. I. being the prescription to "growing the economy" in its current condition.

    Any proposed policy will work… under certain conditions. The question is whether the said parameters for success equal or are compatible with the actual operating conditions. U. B. I. assumes the "multiplier effect" (which doesn't work with the government debt is already so huge), and neglects the "crowding-out effect" (leeching-off the private sector, the true generator of prosperity and national income).

    It's essentially another form of the Bush & Obama tax-cut "stimulus packages" that failed to address (or, more accurately, "amplified") the national-debt problem. The only difference is that the candidate Yang actually bothered to explain how how the taxpayers will inevitably pay for it: a new Value-Added Tax.

    Finland tried it and are ending the apparently-failed experiment this year.
    www.nytimes.com/.../...universal-basic-income.html

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  • He is is a socialist who has zero understanding of basic economics.

    Where does all this money come from? The government? The government makes no money itself - government money comes from taxes - money taken from workers.

    This plan would remove the incentive for many people to work, which would raise the burden for those who do work, which further reduces the incentive to work. That's a death spiral that would crash the economy.

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  • Well, I wouldn't mind receiving an additional 12k every year and it kinda makes sense going foward as more and more people end up being rendered useless by AI. That's probably more of a future problem tho.

    That being said, the money has to come from somewhere and I wouldn't want the deficit to be increased as a result of this plan. So I guess my opinion on this kinda depends on how this would be funded.

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    • 1d

      I read from somewhere that big corporations would pay everyone. Corporations like FB, Walmart, etc.

    • 1d

      Do you buy anything from big corporations? Food? Clothes? Csrs? Gas? Etc? All would raise prices to compensate and you would be worse off than before.

  • Tax automation businesses to give as a huge socialist program?
    That will stagnate growth of automation and possibly put it into a recession. Stagnating leading edge companies.
    Financial, medical, pharma all keep status quo
    Vehicle production will die almost immediately. Automation will leave America.
    America will be stuck right where we are right now in perpetuity. Itll help the lowest class. Imagine the illegal drug market boom?

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  • Im landlord. If this happened my taxes would go up a lot and so id raise all my tenants rents. So if your rent was $1000 id raise it to $2000. Lol it doesn't accomplish anything. Actually hurts the economy and poor people far more than it helps.

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    • 1d

      Hmm I'm not sure if taxes will increase if this happens. He hasn't said much about it. It shouldn't though based on what I've seen from sources. But who really knows.

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    • 1d

      Big corporations like google? Most big corporations are tax exempt. "Wealthy" people and family businesses make up the bulk of the tax base. And these wealthy people are mostly very responsible normal joes who live in your town and on your block. Not like bill gates.

    • 1d

      I see what you're saying based off what he says. It doesn't work that way. It sounds like it to someone who doesn't know anything about it but this is how you destroy an economy. I only have a degree in economics and behavioral marketing and worked in finance and been a successful entrepreneur for over 10 years. Im telling you it doesn't work. What he is saying makes no sense. Giving money away hurts the economy.

  • So, he wants to bring in VAT for American companies and use that cash to put everyone on non means tested benefits at a flat rate of $1000. This would benefit the poor the most.
    However, I would have thought that companies would pass on that tax to consumers which means your free $1000 doesn't go as far because now everything is 17.5% more expensive.
    Also, it was unclear why he thinks new jobs will be created other than people living hands to mouth are more risk adverse.

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  • Well, in my opinion, the US is a bit too right wing, so this would certainly change that. I think this is a bit extreme and regurgitating this $1000 back to the people seems wasteful since it could probably be used much more wisely.

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  • "Give me control of a nation's money and I care not who makes it's laws." — Rothschild

    No matter the politics, social status, economy, person, entity, business, program - follow the money and you will know the intention and purpose.

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  • i think giving money for free is not going to do anything good... capitalism and free competition could work out well, its rather other aspects screw the system from working for humanity's benefit.

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  • Welfare and unemployment insurance is all we need. We should be encourage people to work, and not sit on their ass. There are a number of people that will invest that money into illegal activities too. The only thing I like about it is that everyone gets the same assistance from the government, whether rich or poor.

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  • its sounds like a good idea they will clean up all the other financial assistance for just one basic income

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    • 18h

      How many percent do you think it is that get coupons or more common welfare benefit fund?
      How many percent do you think get housing assistants?
      How many percent do you think get student aid?
      How many percent of the whole budget do you believe it is when it comes to it?

      How many percent do you really believe is gonna work in the readjustment period and how long that period gonna be?

    • 18h

      @crazy8000 well from what they are saying it will increase gdp and help grow the middle class again otherwise you will just a get a situation like the arab spring

  • This would only have even the smallest chance of working if we ended unskilled immigration and importation of Migrants. Denied all benefits to illegals, deported them with extreme predjudice, and did some extreme restructuring of the tax system to cut all social programs.

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  • Here is a better idea: How about a guaranteed 40 hours of work a week at $5/hr.

    The US has 15 million illegal aliens, and most of them are doing jobs that lazy Americans do not want to do. A program that requires lazy Americans to work in the fields, in restaurants, picking up trash, in daycare, and construction as their form of welfare, where the beneficiary receives subminimum wage and their government employment agency charges federal minimum wage from the employer would do wonders.

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  • 1) Not a fan.
    2) If this is implemented, it should only go to people who are employed or are in some form of education in order to incentivise being a productive member of society.
    3) It's too much. Counting with a 30 day month and 4 weekend the monthly minimal wage in a 9 to 5 job is (30-2*4)*8*$7.25 = $1275. That's 15000 annual, which would mean you'd even be taxed. That would completely disincentivise working, and make work less important.
    4) This whole idea is counter-intuitive. Collect taxes, then give people money back? Why not just... get this... lower tax rates? Progressive taxation anyone? Hello?
    5) The problem with US taxatiom is that corporate tax rates are too low, and personal tax rates are too high.

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    • 2d

      For number 5 I'd have to disagree. The US still has a fairy high corporate tax and before 2017 it was one of the highest.

      taxfoundation.org/.../

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    • 2d

      @nathanp97 The corporate tax rate is 21%. If you earn between 32k and 78k, your tax rate is 25%. Bullshit you don't get taxed more than companies.

    • 2d

      Only 5 states have it at 21% the rest are above it. Did you even look at the link?

  • in germany there are enough people who don't work, take tax money which is granted to those who don't work and then do some sort of illegal black work to be richer than any of the working class.

    you are just being sympathetic which to me is disgusting

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  • I am for it. Also we will need it when the robots take over the job force which it is already happening

    We need to stop wasting money on the rich and the military as well

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  • Universal Basic Income explained and examples of it working
    https://youtu.be/kl39KHS07Xc

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    • 1d

      HUGE RED FLAG.

      This video skips right over the key question (where does the money come from) by saying "it's more of a shift of funds than the creation of new ones - HENCE, NO INFLATION". "Shifting" funds is done via taxation, and raising taxes on businesses would absolutely result in inflation - but if you pretend that this OBVIOUS and endlessly-proven truth isn't true, then this flowery idea seems just fine. But back in the real world, it would be a disaster. It's amazing how they just swept it right under the rug - "pay no attention to the man behind the curtain!"

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    • 1d

      Basic economy 101 it's exactly that, it's basic. Two competing company can simply say to each other: "hey I want more money, let's raise our prices together" And they just do that, they raise prices for no good reasons. Also, ant that's exactly what Rockefeller did, a richer company could buy it's competitors or buy their resources and become a monopoly.
      USA managed to outlaw monopoly, but it didn't outlaw lobbying.
      The market should be free, but it mustn't be free to destroy itself

    • 1d

      Crime and poverty go hand-in-hand, but not crime and boredom.
      What's first thing you want to do when you are bored? Steal more money or spend your money?

  • UBI is being tested in various parts of world, Kenya and Finland i can recall on top of my head. I don't know the results so I'm neutral about it.

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  • I mean, it'll have to be done eventually, but maybe we need to let a few thousand conservatives die of starvation first, before they can learn.

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  • The whole idea is BS. The capitalist system as it is needs a reform. Inflation will keep the poor poor and the rich rich.

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  • Absurd! Does he realize how much this would cost the Federal Govt? It will never ever happen.

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  • Didn't work in Finland. Restructure the tax system instead.

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  • An absurd Chinese guy. Luckily Trump will get re-elected.

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  • Hmmm. OK, UBI is something what I think about sometimes.
    I like the idea, but! But we're not there yet. UBI could work in highly automated society. We're talking the level, when you have your personal robot, which does things for you. For example, now I¨m hungry. I don't want to get up my ass and do something, not. It's for robot. I have internet to fuck around. :-D
    In society like this, there would be either major shift in jobs, or even less working people. But! If machines would do the work, that also means the price per item is going down, while you can afford some UBI.
    But we're not there yet. Even for rich countries.

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  • That’s really not going to work or get him elected.

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  • Thats so stupid den dere has to be difference in pay as per each person skills, education, hard work

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  • Some people don't deserve the income they don't work for.

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  • Money wouldn't worth anything anymore.

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  • Isn't that communism

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  • Sounds good in theory but...

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What Girls Said 9

  • And where does this flake expect all this money to come from? If there are 250 million people in the US that would be $250 billion dollars. How much would they have to raise taxes to pay this out, thus nullifying this $1000 payment?

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    • 1d

      Yeah I agree. I read from somewhere that big corporations would be paying us. Like Walmart, FB, etc. Not sure though.

  • I love this idea!! More people need to think like this. I'm not going to go off on a rant about it, because I certainly can, but I'm 100% in support of this idea!

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    • 2d

      And how would the US afford it and how do they maintain incentive to work.

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    • 1d

      @nathanp97 Which is a good thing. People assume that everyone else isnjusy a lazy asshole, but if you cover the basic needs of people than they will have the time and energy to make our world better. How many people would love to do charity work but don't have time?

    • 1d

      I'm not saying it is bad. It makes more sense to have welfare and unemployment insurance than it does to have universal basic income. It is cheaper and you could give more money to those who needed it.

  • Universal Basic Income is being trialed in some parts off Scotland and other parts off Europe. I think the idea is good, but as with many off these policies the devil would be in the detail. In order for it to work sacrifices will need to be made and weighed up.

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  • And where are they getting this money from? It's not just free money, it's coming from somewhere, like the taxpayer's wallets.

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    • 1d

      I believe corporations are paying but I'm not sure. I read somewhere that big corporations are going to pay everyone. Big corporations like Walmart, etc.

  • Instead of giving everyone 1000 a month, why not doing something great about the bad education? Or wait,- that's America.

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  • Let's make america lazy again!

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  • Doesn't that make money less valuable?

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  • Thatd be nice. If you dont have to slave away to survive why would you?

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  • An additional bonus or extra $1K besides everything else we earn would be nice.

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