111–120 of 183 posts
And people keep saying that basic income is impossible. This is an astonishing U-turn, and a very welcome one. I just hope the social distancing isn't too late.
Could someone correct me if I am wrong. UK is going to print lots of GBP to fund this, and in doing so, it will devalue its currency, since EU will possibly be doing much of the same, the Euro and GBP will devalue against US ( and everyone else ), assuming US on a relative terms did not print as much ? Or is this assumption wrong?
So, with all these people not working... when do our supplies start to run out? I mean, the stores are getting replenished now; but what happens when the supply chain dries up for a period of time? Will we be able to boot-strap the supply chain to keep the economies of the world rolling?
(UK) Shelves are already very empty. Oddly this time the fresh stuff is still there and the non-perishable has gone. "Luxuries" are widely available, necessities aren't. There's a lot of seasonal stuff in cold storage - the apples you buy are from last year.
It is all funny fake made up money anyway ... there is enough resources for everybody.
Unfortunately this isn’t true. A massive amount of debt is going to be racked up in this time. The economic impacts are not immediate, but they will come.
Earlier quoted context omitted.
You understand this only helps in the short term right? Yeah we'll live, we'll also be poorer than ever at the end of this, and someone's gonna have to pay back this debt.
Yes, of course everybody understands that. Most also understand that the reason for being “poorer than ever at the end of this” will be because of the event itself and not the response to it, will understand that we will collectively have to “pay back this debt” and that either of these facts affect the suitability or otherwise of guaranteed income policies.
I'd beg to differ on that. If the economy was left to crash, the cost of housing and rent could go down, which is the main expense for most households.
What the cash injections are doing is holding these high at all costs, transferring money to those who already have assets. The non owner classes will be poorer than ever, facing ever unaffordable housing with extra taxes to cover the bailout debt.
Instead of this. The government could decide that leases for the tax year 2020-2021 are getting their prices slashed 10% and there would be different consequences on the economy.
It's all largely driven by human decisions. The virus has no say in that.
Has anyone calculated the value of life that we are saving here? The Imperial College report had 510,000 dying in the UK under a no-action scenario. Average age lets say 79 as the virus progresses. 510,000 * (82.5-79) * GBP 30,000 (QALY for the NHS) = 53.5 billion pounds based on the funding methodology used for the NHS. Instead the Uk seems to be willing to throw its entire GDP at this problem, 3 trillion pounds. Th…
It’s quite alarming that no country (as far as I’m aware) is taking a more rational approach towards coronavirus policy. Any attempt to make an argument of this sort in the current panic is being seen as insensitive and met with outrage (“you don’t care about me/someone’s parents/grandparents”). If the consensus ends up being that we need to put an 18 month hold on all activity and spend trillions of dollars to exten…
Secondly, the fact that governments are not rational. This UK government is beginning to wake up to the fact that it will lose all public support in coming months and is making belated attempts to shore up some public support.
Earlier quoted context omitted.
> This seems... completely unjustified. Um, no. Firstly, not everything is about rational economics. No sane and functioning democracy is going to allow 500k people to die if it can stop it.
500,000 people with an average age of 79, the vast majority of whom are in poor health with existing conditions. This is what the data from Italy shows. Coronavirus is just the last nail in the coffin - it brings forward the deaths that would have occurred over the next 1-2 years into the present. The panic is irrational.
Could someone correct me if I am wrong. UK is going to print lots of GBP to fund this, and in doing so, it will devalue its currency, since EU will possibly be doing much of the same, the Euro and GBP will devalue against US ( and everyone else ), assuming US on a relative terms did not print as much ? Or is this assumption wrong?
Why print? Borrow
Has anyone calculated the value of life that we are saving here? The Imperial College report had 510,000 dying in the UK under a no-action scenario. Average age lets say 79 as the virus progresses. 510,000 * (82.5-79) * GBP 30,000 (QALY for the NHS) = 53.5 billion pounds based on the funding methodology used for the NHS. Instead the Uk seems to be willing to throw its entire GDP at this problem, 3 trillion pounds. Th…
It’s quite alarming that no country (as far as I’m aware) is taking a more rational approach towards coronavirus policy. Any attempt to make an argument of this sort in the current panic is being seen as insensitive and met with outrage (“you don’t care about me/someone’s parents/grandparents”). If the consensus ends up being that we need to put an 18 month hold on all activity and spend trillions of dollars to exten…
IDK, maybe it's just some of us are willing to sacrifice a bit if it means that people don't get turned away from hospitals because they are no longer "economically productive"?
I, for one, would much rather spend a few weeks/months wondering how long I can go without paying my rent as I have no current income than do something like, say, go invade Iraq for a third time.
It's all about perspective methinks...