Oh certainly, any personal account is going to be full of selection bias. But it helps give a look behind the scenes to help interpret the stats and whatnot we see in academic papers. Those stats come with a cost, and the cost was often born by minorities and those who weren’t well-connected. That’s my point here.
All a UBI of $100 will do is raise prices by $100 because people now have $100 more
That $100 has to come from somewhere, and if we follow a balanced budget, it’s not coming from debt, but from taxes.
But yes, there will be some price adjustment if something like UBI is done in a vacuum. Look at the COVID subsidies for examples of just that, or the EV subsidies where dealers/manufacturers just jack up the price of EVs to match the credit.
I’m proposing replacing minimum wage w/ something like UBI (my preference is a Negative Income Tax for more of a direct replacement). That way that $100 isn’t being added to peoples’ means, but instead it’s replacing wages. Just increasing wages kills jobs, and just increasing money available causes inflation. So if minimum wage is $15, with $10 of that being needed for subsistence (housing and food, no luxuries), you’d instead get $10/hr regardless and jobs would pay $5/hr or whatever. That gives employees the freedom to say no to poor working conditions and inadequate pay without worrying about where their next meal is coming from. If nobody wants to work for those wages, wages will go up. If immigrants or teenagers are willing to take those jobs, wages will go down. A lot of jobs aren’t worth $15 and would be (and are) replaced with automation instead. This allows those jobs to continue to exist, without forcing people to be destitute. Likewise, if automation replaces a significant chunk of human labor, those people can continue to survive and pursue other options for employment (i.e. maybe they’ll pursue art or something).
I don’t think that type of policy would meaningfully impact prices. First of all, NIT (basically income-based UBI) was championed by Milton Friedman, a respected economist, and he certainly looked into inflationary pressure of such a system. Price increases are tempered by fed borrowing rate increases and NIT/UBI payout adjustments, which can keep total inflation stable, so any price changes are just moving money from one pocket to another. It’s only inflationary if we use borrowed money to fund it, but if it’s budgeted for through taxes, it’s not going to be inflationary.
rich will always be at the top
Sure, and moving to socialism won’t change that, all it does is replace “the rich” with “the well-connected.”
People being rich isn’t a problem, especially since generational wealth is often gone after 3 generations. Rockefeller’s (arguably the richest person ever) wealth has bees significantly diluted, so even the mega-wealthy will eventually lose their wealth. I’m guessing in 100 years, Musk’s, Bezos’, and Gates’ wealth will be largely diluted. Elon Musk wasn’t “mega-wealthy” 15 years ago. Jeff Bezos became rich around 25 years ago. Bill Gates became rich about 40 years ago. Most of the top billionaires are recently wealthy, and the same is largely true for multi-millionaires as well.
The important thing is that who “the rich” are changes periodically so we don’t get into a Russian oligarch situation.
Instead of looking at the income/wealth gap, we should be looking at standard of living changes for the average (median) person. As long as that’s improving year-over-year, things are getting better. Whether some people have tens or hundreds of millions doesn’t really impact me day-to-day.
I’m proposing replacing minimum wage w/ something like UBI (my preference is a Negative Income Tax for more of a direct replacement). That way that $100 isn’t being added to peoples’ means, but instead it’s replacing wages
So it will just accomplish nothing, as people will work the same (more if we follow current trends) for $9.00 and hour instead of $12.00, but will have an extra $3.00 from taxes on the middle class (the rich will avoid taxes always).
This is certainly a proposal.
which can keep total inflation stable
Ah yeah, like right now where inflation is low and even decreasing, but things keep getting more expensive, jobs more and more scarce and actual value is ever smaller, while building true wealth through home ownership is ever more unreachable, while being poor is only more and more expensive and social mobility is at an all time low? Lol.
Measures of inflation are like COVID cases being low before we started testing more people.
That gives employees the freedom to say no to poor working conditions and inadequate pay without worrying about where their next meal is coming from.
That’s the thing - it won’t. Capitalists won’t like this, and competing with one another by offering better working conditions will only make them worse off - they will instead band together and price fix the market, or simply complete the ongoing switch to using gig economy “contractors” instead of employees.
Capitalism is a race to the bottom. This is ofc a hypothetical, IRL they would never allow any such laws with actual teeth to pass unless a dictatorship of the proletariat showed them to the guillotines.
Sure, and moving to socialism won’t change that, all it does is replace “the rich” with “the well-connected.”
This is an argument so old Marx debunked it himself. But I’ll say this: even if this is true, corruption is indeed possible in any system, but only in capitalism we worship it and call it “lobbying”.
People being rich isn’t a problem, especially since generational wealth is often gone after 3 generation
So just because it hasn’t been 3 generations yet, Musk isn’t a problem? Bezos? Zucc?
The important thing is that who “the rich” are changes periodically so we don’t get into a Russian oligarch situation.
The Russian oligarchs are actually new rich too, most of them got wealthy by picking the corpse of the Soviet Union, during western enforced shock therapy, while the poors were left to heroin and dying of AIDS. What a woopsie that turned out to be with fascist Russia now eh?
As long as that’s improving year-over-year, things are getting better. Whether some people have tens or hundreds of millions doesn’t really impact me day-to-day.
Things have declined since the 1980s in terms of buying power of the middle income young people of today across the board, and that’s before we get into the fact life itself got more expensive (e.g. now a starter crappy job needs an MSc, used to be they hired barely literate lead eaters, who are now bosses).
It’s slightly offset if you measure happiness by socially-funded scientific and technological progress (internet was a government project) but even that is now debatable, as capitalism has sunk its teeth into that also, and more and more social services of the 20th century are privatized into oblivion.
And that’s just the local, street-level stuff. What about the global evil of capitalism? Israel? Afghanistan? Iraq? Neo-colonialism of the global south, American corporations licking dictatorial boots the world over? the blockade of Cuba? Police racism and brutality? Sexism? Ableism?
The neoliberal imperialism of the United States through it’s client-state in Israel alone is enough to wonder, whether this system should be left as-is.
Now the USSR did a fair bit of shit too, and China does a lot even worse, all of it is deserving of critique, but US’s (and it’s western vassals’) issues are precisely as a result of its system. The US is very much an oligarchy, and is three corporations in a trenchcoat, and occasionally, when whistleblowers, whether corporate or military wind up dead, people look up, and it’s important that they blame the right people, because otherwise, they’ll blame each other, and fascism - the final form of neoliberal capitalism - wins.
Oh certainly, any personal account is going to be full of selection bias. But it helps give a look behind the scenes to help interpret the stats and whatnot we see in academic papers. Those stats come with a cost, and the cost was often born by minorities and those who weren’t well-connected. That’s my point here.
That $100 has to come from somewhere, and if we follow a balanced budget, it’s not coming from debt, but from taxes.
But yes, there will be some price adjustment if something like UBI is done in a vacuum. Look at the COVID subsidies for examples of just that, or the EV subsidies where dealers/manufacturers just jack up the price of EVs to match the credit.
I’m proposing replacing minimum wage w/ something like UBI (my preference is a Negative Income Tax for more of a direct replacement). That way that $100 isn’t being added to peoples’ means, but instead it’s replacing wages. Just increasing wages kills jobs, and just increasing money available causes inflation. So if minimum wage is $15, with $10 of that being needed for subsistence (housing and food, no luxuries), you’d instead get $10/hr regardless and jobs would pay $5/hr or whatever. That gives employees the freedom to say no to poor working conditions and inadequate pay without worrying about where their next meal is coming from. If nobody wants to work for those wages, wages will go up. If immigrants or teenagers are willing to take those jobs, wages will go down. A lot of jobs aren’t worth $15 and would be (and are) replaced with automation instead. This allows those jobs to continue to exist, without forcing people to be destitute. Likewise, if automation replaces a significant chunk of human labor, those people can continue to survive and pursue other options for employment (i.e. maybe they’ll pursue art or something).
I don’t think that type of policy would meaningfully impact prices. First of all, NIT (basically income-based UBI) was championed by Milton Friedman, a respected economist, and he certainly looked into inflationary pressure of such a system. Price increases are tempered by fed borrowing rate increases and NIT/UBI payout adjustments, which can keep total inflation stable, so any price changes are just moving money from one pocket to another. It’s only inflationary if we use borrowed money to fund it, but if it’s budgeted for through taxes, it’s not going to be inflationary.
Sure, and moving to socialism won’t change that, all it does is replace “the rich” with “the well-connected.”
People being rich isn’t a problem, especially since generational wealth is often gone after 3 generations. Rockefeller’s (arguably the richest person ever) wealth has bees significantly diluted, so even the mega-wealthy will eventually lose their wealth. I’m guessing in 100 years, Musk’s, Bezos’, and Gates’ wealth will be largely diluted. Elon Musk wasn’t “mega-wealthy” 15 years ago. Jeff Bezos became rich around 25 years ago. Bill Gates became rich about 40 years ago. Most of the top billionaires are recently wealthy, and the same is largely true for multi-millionaires as well.
The important thing is that who “the rich” are changes periodically so we don’t get into a Russian oligarch situation.
Instead of looking at the income/wealth gap, we should be looking at standard of living changes for the average (median) person. As long as that’s improving year-over-year, things are getting better. Whether some people have tens or hundreds of millions doesn’t really impact me day-to-day.
So it will just accomplish nothing, as people will work the same (more if we follow current trends) for $9.00 and hour instead of $12.00, but will have an extra $3.00 from taxes on the middle class (the rich will avoid taxes always).
This is certainly a proposal.
Ah yeah, like right now where inflation is low and even decreasing, but things keep getting more expensive, jobs more and more scarce and actual value is ever smaller, while building true wealth through home ownership is ever more unreachable, while being poor is only more and more expensive and social mobility is at an all time low? Lol.
Measures of inflation are like COVID cases being low before we started testing more people.
That’s the thing - it won’t. Capitalists won’t like this, and competing with one another by offering better working conditions will only make them worse off - they will instead band together and price fix the market, or simply complete the ongoing switch to using gig economy “contractors” instead of employees.
Capitalism is a race to the bottom. This is ofc a hypothetical, IRL they would never allow any such laws with actual teeth to pass unless a dictatorship of the proletariat showed them to the guillotines.
This is an argument so old Marx debunked it himself. But I’ll say this: even if this is true, corruption is indeed possible in any system, but only in capitalism we worship it and call it “lobbying”.
So just because it hasn’t been 3 generations yet, Musk isn’t a problem? Bezos? Zucc?
The Russian oligarchs are actually new rich too, most of them got wealthy by picking the corpse of the Soviet Union, during western enforced shock therapy, while the poors were left to heroin and dying of AIDS. What a woopsie that turned out to be with fascist Russia now eh?
Things have declined since the 1980s in terms of buying power of the middle income young people of today across the board, and that’s before we get into the fact life itself got more expensive (e.g. now a starter crappy job needs an MSc, used to be they hired barely literate lead eaters, who are now bosses).
It’s slightly offset if you measure happiness by socially-funded scientific and technological progress (internet was a government project) but even that is now debatable, as capitalism has sunk its teeth into that also, and more and more social services of the 20th century are privatized into oblivion.
And that’s just the local, street-level stuff. What about the global evil of capitalism? Israel? Afghanistan? Iraq? Neo-colonialism of the global south, American corporations licking dictatorial boots the world over? the blockade of Cuba? Police racism and brutality? Sexism? Ableism?
The neoliberal imperialism of the United States through it’s client-state in Israel alone is enough to wonder, whether this system should be left as-is.
Now the USSR did a fair bit of shit too, and China does a lot even worse, all of it is deserving of critique, but US’s (and it’s western vassals’) issues are precisely as a result of its system. The US is very much an oligarchy, and is three corporations in a trenchcoat, and occasionally, when whistleblowers, whether corporate or military wind up dead, people look up, and it’s important that they blame the right people, because otherwise, they’ll blame each other, and fascism - the final form of neoliberal capitalism - wins.