But this points to the huge distortion UBI would create. For the non-poor, a UBI of $10,000 to $20,000 a year per person or adult would feed directly into consumption and luxury goods. Whatever inflation we see now in housing and education and autos would go even higher.
And why? To what purpose would it make sense to do this?
By the way, the Covid handouts added up to well over $10,0000 per teenager and other low wage workers - all you needed was to claim being unemployed and the government sent you $15,000. And voila! We had generational highs in inflation and massive distortions in the financial markets.
No. The tax rates have to be adjusted so that those needing no assistance see no increase in income. There is a phase out. We can't give everyone more, at least not indefinitely.
Ubi can replace existing benefits, be less than, or greater than. I'm not arguing here which it should be but if greater than, people well beyond need for assistance would need to see higher rates beyond just paying back ubi and end up with less than now.
And Social Security spending averages ~$18k/recipient. How is $5k/household not a huge change in poverty reduction?
You don't mention Medicare but spending on that is over $15k/recipient.
Under UBI, benefits directed toward poor people should be AT LEAST as much as under current system(s).
But this points to the huge distortion UBI would create. For the non-poor, a UBI of $10,000 to $20,000 a year per person or adult would feed directly into consumption and luxury goods. Whatever inflation we see now in housing and education and autos would go even higher.
And why? To what purpose would it make sense to do this?
By the way, the Covid handouts added up to well over $10,0000 per teenager and other low wage workers - all you needed was to claim being unemployed and the government sent you $15,000. And voila! We had generational highs in inflation and massive distortions in the financial markets.
No. The tax rates have to be adjusted so that those needing no assistance see no increase in income. There is a phase out. We can't give everyone more, at least not indefinitely.
Ubi can replace existing benefits, be less than, or greater than. I'm not arguing here which it should be but if greater than, people well beyond need for assistance would need to see higher rates beyond just paying back ubi and end up with less than now.