We live in an age where even an idiot can propose a ridiculous cure for an ailment and receive thunderous applause.
And so it is that the UBI is put forward as the panacea for every economic ill under the sun. It sounds so wonderfully utopian.
In reality it's simply an unworkable election bribe larger than any previous bribe.
It boils down to the source of the cash. After all you have to have cash before you can give it away and the UBI demands bundles. The source is as old as civilisation. Tax the rich. It all sounds so innocuous, so simplistic.
"A UBI system could be a huge economic stimulus because of the additional disposable income it would free up. High income earners spend much less for every tax dollar saved, and economic growth is largely unaffected by how much the rich pay in taxes. If the funding for UBI was partially dependent upon raising taxes on the rich, or if it was only for certain
income brackets, middle-class and low-income Americans would be getting a huge economic boost, rather than wealthy Americans."
https://finance.yahoo.com/news/universal-basic-income-ubi-211315444.htmlOf course the rich will pack up and leave with their factories and skills. So then the tax burden falls upon the middle class, many of who will also pack up and leave.
The British had a 105% supertax after ww2. So high income earners had no incentive to work so cut back or left. Who wants to work 7 days a week to have it given to who knows who. True the UK became a paradise. Oh wait. No it didn't.
Also see
Post #:16076548 by
@moondoong
