It Is Time For Basic Income
hawkins.ventures
It Is Time For Basic Income
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Re: It Is Time For Basic Income
#2I am not at all an economist, but I wonder: if everyone had the same amount of fixed income (in addition to whatever else they made from their jobs), wouldn't there be continual inflation, rendering that money worthless? Wouldn't the fixed income become the new zero income?
Also: How does Macdonalds work in this situation, if the fixed income "replaces" minimum wage. Does Macdonalds pay on top of this wage? Do they double it? Do they pay zero? If they pay zero, what incentives workers to work at Macdonalds?
Re: It Is Time For Basic Income
#3I am always wary of supporting a basic income guarantee. Although it sounds much better than the current welfare mess we have, the actual implementation will probably be an addition rather than a replacement.
Re: It Is Time For Basic Income
#4I am not at all an economist, but I wonder: if everyone had the same amount of fixed income (in addition to whatever else they made from their jobs), wouldn't there be continual inflation, rendering that money worthless? Wouldn't the fixed income become the new zero income? Also: How does Macdonalds work in this situation, if the fixed income "replaces" minimum wage. Does Macdonalds pay on top of this wage? Do they d…
It replaces minimum wage in that McDonalds is welcome to offer a job flipping burgers for $1 an hour if they want. However, because no one _needs_ a job to live (because they can just live on the basic income) someone would only take that job if it was worth it/fulfilling to them.
Re: It Is Time For Basic Income
#5I am not at all an economist, but I wonder: if everyone had the same amount of fixed income (in addition to whatever else they made from their jobs), wouldn't there be continual inflation, rendering that money worthless? Wouldn't the fixed income become the new zero income? Also: How does Macdonalds work in this situation, if the fixed income "replaces" minimum wage. Does Macdonalds pay on top of this wage? Do they d…
One reason the current welfare system is so broken relates to your point about McDonald's. Oftentimes someone on welfare can lose money by getting a job.
Re: It Is Time For Basic Income
#6Tom Streithorsts excellent piece also was published yesterday:
Re: It Is Time For Basic Income
#7I am not at all an economist, but I wonder: if everyone had the same amount of fixed income (in addition to whatever else they made from their jobs), wouldn't there be continual inflation, rendering that money worthless? Wouldn't the fixed income become the new zero income? Also: How does Macdonalds work in this situation, if the fixed income "replaces" minimum wage. Does Macdonalds pay on top of this wage? Do they d…
Minimum income is enough for a room and some food. If you want anything better such work either full or part time.
There are a lot of things people could do without: car, cell phone, internet, restaurants...
Re: It Is Time For Basic Income
#8I am not at all an economist, but I wonder: if everyone had the same amount of fixed income (in addition to whatever else they made from their jobs), wouldn't there be continual inflation, rendering that money worthless? Wouldn't the fixed income become the new zero income? Also: How does Macdonalds work in this situation, if the fixed income "replaces" minimum wage. Does Macdonalds pay on top of this wage? Do they d…
To make things simple let's assume a flat tax of 20% pays a 10k per year basic income.
Someone making 0k ends up with .8 * 0k + 10k = 10k.
Someone making 10k ends up with .8 * 10k + 10k = 18k.
Someone making 50k ends up with .8 * 50k + 10k = 50k.
Someone making 100k ends up with .8 * 100k + 10k = 90k.
Someone making 200k ends up with .8 * 200k + 10k = 170k.
Note: The government still needs to do other stuff so actual taxes would end up being higher. The assumption is because you have lower administrative costs than SS, unemployment, and other social programs the net effect is a smaller government and possibly lower taxes. (EX: Social Security is 12.4% for someone making 50k where basic income is 0 the disability and retirement payment can be much higher than 10k/year.)
Re: It Is Time For Basic Income
#9I am not at all an economist, but I wonder: if everyone had the same amount of fixed income (in addition to whatever else they made from their jobs), wouldn't there be continual inflation, rendering that money worthless? Wouldn't the fixed income become the new zero income? Also: How does Macdonalds work in this situation, if the fixed income "replaces" minimum wage. Does Macdonalds pay on top of this wage? Do they d…
He only means it effectively replaces minimum wage, in that we no longer have to require a minimum wage in order to ensure that people have enough money to eat (setting aside the question of whether that actually works).
McDonald's would obviously have to pay something in order to get people to work there. It could certainly get away with paying less if there were no minimum wage and people had a basic income.
Re: It Is Time For Basic Income
#10I am not at all an economist, but I wonder: if everyone had the same amount of fixed income (in addition to whatever else they made from their jobs), wouldn't there be continual inflation, rendering that money worthless? Wouldn't the fixed income become the new zero income? Also: How does Macdonalds work in this situation, if the fixed income "replaces" minimum wage. Does Macdonalds pay on top of this wage? Do they d…
All basic income does is create a floor. Depending on flavors of basic income, some have suggested lowering or entirely abolishing the minimum wage. This way, labor would be done at the true (or closer to true) market value. If you're not willing to work at Mickey D's for a dollar an hour, you would have a basic income to fall back on.
I don't think that inflation would be a huge problem, since this is wealth redistribution, likely through taxes, rather than printing money and giving it to people. However, I'm no economist either, so I may be far off base in regards to inflation.