Why the U.S. Should Provide Universal Basic Income
Вставка
- Опубліковано 14 жов 2024
- America is the richest civilization in history. Why, then, are our living standards so low compared to those of other wealthy democracies?
“There’s a big idea out there that could help solve this,” says The Atlantic writer Annie Lowrey. “It’s called a universal basic income.”
In a new animated video, Lowrey argues that UBI-a concept that has existed for more than 500 years-would help close the income inequality gap, eliminating poverty and increasing mobility and opportunity for all American citizens.
Subscribe to The Atlantic on UA-cam: bit.ly/subAtlan...
Andrew Yang 2020!
runswithraptors Trump 2020
Yang 2020
Remix Tapes if u want socialism get out of our America!
@@daraptor5281 “Socialistic policies”... Socialism:government controls the means of production. Yang is not going to control the means of production in ANY WAY. It’s simply taking a revenue from companies that pay 0 in taxes and leave millions of people jobless. Look at the bigger picture here.
Remix Tapes what companies is he taking from? The mega corporations or the mom and pops?
We need Andrew Yang in office to make UBI happen
#Yang2020
he supports israeli apartheid against palestinians so, no thanks 🤷♂️ i hope sanders makes it, but he'll probably be dead by the next election
@«tutacat» [red] that’s never gunna happen
Andrew Yang!
It's one of the few new government programs that I wouldn't mine being created. If we exchange Universal Income for most of our current welfare programs it would be a big improvement all around for most low-income people.
I think it is a Great idea they should Pass a UBI Bill and it Lasts for 10 Years and after that they hold a Referendum on it and everyone in America can Vote and it's by Popular vote
Jarid Gaming
Forget voting, it's just an illusion of control. The voting "preferences" are 1. Manipulated, 2. Most importantly, people are not the ones that choice the questions and the answers in a referendum, so there you go...
Let’s get it trending on Twitter
The downsides outweighs the good, like the possibility of inflation and lazy people cheating the system. Also the fact that some if not most broke people aren’t broke because there not making money but because they have bad money habits. I’m still learning about universal basic income tho. It’s for a debate. I still don’t know that much so correct me if I’m wrong
I love working for shit money and barely surviving, why would anybody want UBI, the system is obviously great
lol
The best way to do this is how Milton Friedman proposed it 60 years ago. It would need to replace existing welfare programs and avoid increasing the tax burden. But this is absolutely a great idea.
Where Friedman stated it?
ua-cam.com/video/xtpgkX588nM/v-deo.html
depends on how u tax it. The biggest cause of wealth gap is income tax. Income tax hits low and middle class the hardest since they have income which is taxest at the highest rate. Most billionaries and ceo like Zuck are paid not by income but other means such as stocks and dividends which taxed at much lower rate. look at long term capital gain rate vs income. income at its highest is 40% while capital gains is at 20%.
Khoa Bui
The biggest cause of the wealth gap is Capitalism itself. The core principle to Capitalism is: "Pay the worker just enough to keep him/her coming back". There are no constraints on how much profit can be made off that worker. There are no constraints as to how much a CEO can be paid. Capitalism is Eating itself. When 80% of the country is either jobless or just earning slave wages where will those consumer sales come from? After all 70% of the economy is consumer driven.
Danny Knapp Translation: I have no idea how money works, so whoever tries explaining it to me is “wrong on just about everything”.
They don’t want you to be free and work for yourself they want you like robots and work for the companies.
*Duh. The system is messed up and it makes no sense. What are they trying to achieve by having so many people working to no avail - immortality? It’s not like everyone’s a scientist.*
I'm glad this writer went to Harvard and wrote a book on the subject, but I'm troubled that she briefly mentions the biggest hurdle - inflation - and then passes over it. What's the point of us all getting $500 a month, if it buys us nothing? Also, when would children start getting it? This could trigger a population boom, if having kids gets you $500 a month each. Also, assuring us simply that "we could afford it" is not enough. I want to hear details on the plan to pay for it.
Thomas Smith population is on decline and hurting our economy. We need a population boom.
Population is not declining. It is retiring.
Working population is on decline.
However, even working population could choose to work more.
If there are jobs, there are opportunities.
UBI is another form of welfare/financial slavery.
Corect me if im wrong but UBI will not create inflation becasuse you don't add more money to the market. You don't print any new money. You just redistribut them so no inflation.
@@postmodpen1169 wheres all that money coming from
Caguama Time From taxes and such
UBI properly implemented is one of the most effective, efficient, simple, fair, and cheapest ways to accomplish many of the progressive economic/inequality goals that truly benefit everyone.
Digging Yang’s framing of UBI and the way he has laid it out.
Would love to see more convo on the benefits of UBI on poverty, prisoner rehabilitation, abused women, sex trade, abortions, unions, upward mobility, charities, marriage, health, mental health, IQ, crime, overall economy, education and graduation rates, etc
Absolutely.
We might need a basic universal income due to automation. Going to be a lot of people unemployed in the next 10 years because robots would have taken their jobs.
roaches23 Did the democrats,tell you that!
yeah in china, Bangladesh, Pakistan etc, not the US.
automation could and will re-shore alot of manufacturing to the west inevitably creating many new jobs in new industries, robotics, engineering, software, building factories etc.
roaches23,
Except *unless* people understand why fundamentally we *need* to pay ourselves money (until we are in the monetary system) for machines' work - UBI will be very handicapped. Prices could rise according o the UBI and here we are again in the same exact hole... Better than nothing I guess, but the solutions are elsewhere, not in UBI.
Danny Knapp,
What exactly?
Danny Knapp,
This is not up to a debate really, automation is making production more efficient, thus it "steals" the "jobs" from those who are not required anymore to do that job in order for the manufacturers to "satisfy the demand". I mean, it's very clear that automation replaces human workers, and that it will keep doing that, ever faster.
but how would we punish poor people?
Lmao u said punish u like seeing people suffer😂
This but unironically. If you're poor in modern America it's probably because you're stupid.
yea history is just text in a book on someones shelf, and it has zero effect on today
You do know about automation, right? You do know that highly skilled in demand jobs are going to go to mainly robots with minimal human influence. Ya'll are going to be poor. And the poor should never have been punished in the first place. Further, ya'll who think you are better than have been royally screwed over by the propaganda that kept you from the deserved pay you should have gotten for your work. But let me sit while you continue to believe the lie that you deserve more because you did x with your life.
lets see how long that would last
I'm not sure one country can claim to have invented the internet; it was definitely something neither the US or UK could have completed, when it was completed, without each other.
@Glen M oh
Nah ..first indian created wavelength wireless connection..it's change in to network..us or uk.nothing just stealing other invention...
@@arunavachakraborty4565 If you want to go deep, the first record of wireless technology was patented by Scottish born Alexander Graham Bell and USA born Charles Sumner Tainter, when they invented the photophone in 1880. I think saying that people are "stealing" other inventions is a bit harsh. There's nothing wrong with taking inspiration and applying current technology to improve and solve.
Darpa
If people stop working or stop needing to work (retire) the value of labour increases. A major problem we have with jobs right now is that people who shouldn't be working (seniors) are still working. Costing companies more money and taking up jobs for younger generations.
Five hundred to a thousand would help a lot of people, but no one is going to quit their job to live on that much.
I can! I would find the cheapest ghetto apartment and spend all the extra on decent food. Assuming they provide cheap housing for people on UBI. Which they probably wouldn't.
Just remember, robots will take our jobs, who will want to have a human work 8 hours of pain and suffering for payment of 15 dollars per hour? Robots of course but that will lead to many people jobless. We might as well have it and we're near of this, lets all be programmers to make it happen so no one gets to live poorly
There will still be many jobs that robots simply won't be physically able to do. For instance, the technician that maintains the cabling in the floors and ceilings of your local ISP's data center will not see an android taking this job anytime in the foreseeable future. Even your local plumber or HVAC technician, you know, the ones that come to your house to fix your pipes and vents? They will have no fear of being replaced by robots. Even if we could build multi-million dollar, human level dexterity androids that could physically do the job, it would still be far cheaper to just hire a human for 100k a year.
Yes I know a Fleshlight took your job.
But seriously what fucking world are you living in where robots are taking all the jobs. You need to turn off Chappie and go do your homework. Your fever dream where robots are taking up all the jobs is fantasy. All Universal basic income does is take money out of your taxes and give it back to you. I can steal money from your wallet and give it to you if that makes you feel better, because that's all Ubi does
www.google.com/amp/s/www.wsj.com/amp/articles/accenture-retrains-its-workers-as-technology-upends-their-jobs-11561318022
It’s happening
Do you want to be a plumber?
You can be a plummer or any repair person if you wanted. Repairs are hard to automate.
What we need is more people to put their time to make the planet better like cleaning up oceans and cities instead of taking our order at McDonalds
UBI is s a good idea to provide a floor for society and reducing bureaucracy.
Cut welfare spending, replace it with UBI, there.
I wish it was that simple but it's harder than that
@@ifonlycainwereabel2110 It's a great first step. Fine tune it after we all have a $12k floor under us.. #yangGang
@@tarkfarhen3870 You think Amazon will run out of money?? UBI would be paid for via a 10% VAT that means we The People get to share in the savings created by Automation. Without UBI, you'll soon be out of a job along with millions of others & then we'll have real anarchy.
@@tarkfarhen3870 Commie? LOL! do you even know what that means?? You would have to SPEND not EARN more than $120k on non-essential goods to be negative on UBI. So millionaires buying yachts would pay more VAT. 95% of people would be better off. VAT wouldn't apply to food & non-essentials. You should go to China and see what real communism is about. It makes people work long hours, with 1-2 days off a month for very low pay, without choice! Have you seen the documentary "American Factory"?
@@tarkfarhen3870 Communism is totally different, look it up, duh! Try listening to Andrew Yang on the Joe Rogan podcast if you want to live in an economy that works for the people and not just the top 1%. Or do you prefer Corporate Socialism - paying the Farmer Bailout, Bank Bailout, GM, AIG - subsidizing the Fossil Fuel industry for trillions with your tax dollars....
I think we need a Universal Basic Income perhaps on a global scale and funded by a sales tax, more so than a border wall. With a universal basic income, people don't have to move as much for employment.
No we need a border wall a lot more. Sounds to me you do not want to work for anything. You want the government to take care of you.
Unless people understand why fundamentally we *need* to pay ourselves money (until we are in the monetary system) for machines' work - UBI will be very handicapped. Prices could rise according o the UBI and here we are again in the same exact hole... Better than nothing I guess, but the solutions are elsewhere, not in UBI.
P S
I have agreed with most of what you have written on these posts.
I agree UBI is a pacifier to a failing system. As each day passes more and more people move into the slave wage column and do nothing to grow the economy. I don't know where the tipping point will be. Yet, a UBI may keep the pitch forks in the barn. For a while at least.
If a company replaces all its Employees with Robots they reduce their costs too. If the VAT is charged taking a portion of the "No Human Employee" savings the UBI would not cost more.
EG Amazon replaces more workers with robots (which is happening), reduces it's costs by 20%
Add a VAT of 10% to all purchases, the cost is still 10% less and we all benefit when the VAT is converted to UBI. It's a trickle up system. The UBI is also so low, that there is still incentive to work when able to raise your living standard. Think about it, could you live on $12K a year? My colleague pays $25K a year in Health Insurance alone, my prior home taxes were $12k a year. So no I don't think it will cause inflation nor will it cause laziness. But it will prevent starving homeless people #Yang2020
www.livemint.com/companies/news/accenture-to-sell-automation-software-that-allowed-it-to-cut-40-000-jobs-1548768068351.html
I think we need to worry about controlling rent.
All the wealth you reference is private,,not public. Also, if we reduced our defense spending, along with meaningful justice system reform, funds could be used for many needs.
Kevin Bowers,
True, but this while keeping in mind that money is just a religious like belief, the "we don't have funds" concept is just a result of that dogmatic premise, i.e. non existent.
If they want money to flow and create consumerism, they SHOULD pay people to tolerate the unfair wage system
You could always start your own business if wages are so unfair.
@@77Avadon77 good luck with that
@@77Avadon77-Starting your own business is just too stresfull and risky for most peoples!!
The excuse "Just open your own business." just turned the country into an economical incentive!
@@maestrulgamer9695 you can always start a business while you work for somebody else. Starting a business doesn't have to be that stressful. A lot of people just make something on the side and sell it. When it takes off, they quit their day job. Don't make excuses for people too lazy to try
@@giovannicervantes2053 thanks I've been self-employed for over 20 years.
Awesome video. I noticed you used music and imagery of Americana throughout the video. I’m not sure if it was intentional, but this choice of editing helps the audience associate American culture with the idea of universal basic income (UBI). It seems like an effective persuasive tool because it activates a cue of familiarity for American viewers who are skeptical about UBI, potentially opening them to the idea.
I CAN'T GET A JOB IN THIS CURSED COUNTRY
I CAN BARELY GET FOOD TO EAT
GIVE ME MY UBI
Not gonna happen gtfo for your own sake dawg
If a universal basic income is to be adopted, there are issues
that must be acknowledged and addressed, as follows:
(1) A basic economic fact is that when the demand side of a
market is increased without a corresponding increase in supply, price
increases. Thus, the UBI must be accompanied by a commitment to a significant
increase in the development of affordable housing. Otherwise, the increased
disposable income experienced by lower-income and even moderate-income
households (renters first, then potential first-time homebuyers) will end up in
the pockets of owners of apartment buildings and land owners.
(2) The above outcome could be mitigated by providing the
financial incentive to local governments (including all taxing jurisdictions
that tax real estate) to move to a land-only property tax base. A small number
of taxing bodies (almost all in Pennsylvania, including the state capital,
Harrisburg) have moved at least part of the way in this direction with good
results. The economics (but not the politics) are straightforward. A high
enough annual tax on the value of land brings land to the market, lowering land
prices for housing and other development. The effect is intensified as property
improvements are untaxed.
(3) The individual income tax needs to be restructured to
distinguish between earned income and income derived from passive investment
and speculation (i.e., from rent-seeking). At minimum, all income should be
subjected to the same progressive rates of taxation. What are today treated as
"capital gains" and taxed at rates lower than wages or salaries are
not capital gains at all. Actual capital goods (i.e., buildings, machinery and
technologies) depreciate over time and never sell for more than the cost of
acquisition. A combination of economic efficiency and tax equity could be
achieved by exempting all individual incomes up to some amount (e.g., the national
median), eliminating all other exemptions and deductions. Above the exempt
level, higher ranges of income would then be subjected to increasing rates of
taxation. In this system, earned income is favored and rent-derived income is
captured to pay for public goods and services.
With these measures adopted, the effect of the UBI would be real
and permanent.
Edward J. Dodson, M.L.A., Director
School of Cooperative Individualism
www.cooperative-individualism.org
nice. Anderw Yang has addressed the first two and partially the 3rd with his new corporations taxes (carbon and transactions). I only hope he will clean up the expensive admin system to make it easier to pay for the UBI.
I don't want ubi, it's more exciting being on the brink of homelessness if I miss one paycheck.
Daren Dodge well then get a better job.
Have you considered why you can't find meaningful employment? Have you taken the steps to correct it? There are good jobs out there... as long as you have the skills and knowledge to fill them.
gavin rayne why do that when you can just whine about!
These dumb people think their new skills wont get automated soon enough ,just rats running in circles
@@arete7884 So jusr keep up then
I've worked for my entire adult life so that I can eat and put a roof over my head.
Why the hell would I work if those things are provided for me with no effort required on my part?
Holy crap, even the Soviet Union had anti-parasite laws.
If only people understood that.
There's been multiple studies that present results saying the majority of people would still work if they didn't have too, it's a really interesting subject actually! The mind enjoys the stimulation that working and helping people through work gives.
@@birlarks Including people doing menial labor?
Uncle Sam, you've created the highest number of billionaires. Now, pony up for the other 80 percent who don't have yachts and private jets.
Fewer work hours and much much higher wages. 4day week pay for five
A lot of small businesses wouldn't be able to afford that and close, or have to lay off workers.
Currently we have social programs available called entitlement programs which are great for protecting the vulnerable in society and those who could use a leg-up or temporary boost. Unfortunately most would agree that the current system is broken in terms of working for the vast majority of Americans. Smells like corruption and mismanagement, but what's new? I guess everybody is now included in the vulnerable and entitlement class, welcome.
You ask for to little. We need at least 2K per month UBI and a shorter work week to replace the job losses coming from robotics, AI, job outsourcing and of course the COVID-19 scamdemic. We already have the wealth and the productive capacity to eliminate poverty. The problem is that right now the wealth is concentrated in to few hands. 2K UBI would help fix that problem.
Not going for it. Ive had my intellectual property stolen, not compensated for when I demand compensation Im retaliated against via attempts at defamation of my character. I can fish, ppl dont want myself to indulge in my catch because how are they going to eat. Im very angry because in taking food out of my mouth, theyre taking food out of my family mouth. I hate capitalism, socialism, communism because as an Individual with means to production, my intellect. constantly fight against economic parasites whom attempt to deem myself "exploitable" in those systems I mention. And which is why they prolly doing this to myself. They know theyre stealing from myself and thinking giving myself a portion of what has been stolen is a "fair exchange" foh.
Yall dead to myself.
What makes myself angry, the theft inhibits myself from actually getting what I need, not just accepting things. Im Independent, stop attempting to color code myself. Not going to treat myself with respect then leave myself and my intellect alone. I hate economic parasites.
We should have UBI for people who can't work (disability, elderly), or people temporarily out of work (unemployment insurance), or people who choose not to work (alternative lifestyles?, those struggling with addiction?). The monthly amount should be basic subsistence, so that working is typically more lucrative.
Paying people choosing not to work should never happen.
I dont know if this will reach you guys, but just to let you know i am pretty open to the notion of universal basic incone however some points i feel were a little here and their. For example the one where you mention that america is the richest in the world therfore they can pay for it, however many economist have mentioned that there are many forms of UBI and that no matter what version that would be implimented into policy would result into serious cuts of our govenrment spending, like military, social security, and medicare. Also i feel like you should given more nuanced to the topic in terms of which kind of UBI systems exist and allow your followers to decide for themselves for example like the Negative income Tax supported by milton friedman or maybe loollk into the expansion of already existing programs like Earned Income Tax Credit. I really like the idea of UBI however i feel lile the video could have b3en a littld better in terms of research full clarity of the topic, and what this policy implementation would mean in terms of risk and rewards. I hope this helps, love your videos by the way😊.
TheBlackiwid I strongly agree on the notion of this particular topic being how it could very easily trigger people's own personal political bias however, this does not particulary help in terms of introduction. Given the title, the orginizations own political leaning and how the video was carried out, this all suggest that UBI is a basic necessity that the US lacks. While the orginization is may be well- intentioned is doesnt exuse that some of how this video was carried was out, if it truly intended to inform the viewer. For example already starting from the first point that the U.S. can afford UBI isnt very informative about UBI itself but rather supporting a postion that was, that depending on which side of the political isle you were on, you either agree/ or disagree with. Infromative vidoes about nuanced topics such as Universal Basic Income should be mentioning the facts about that particular topic such as its history, the research that is going into it or has already went into it and the reasons why people do and dont support this. These criteria would be alot more tenible for an informative video. And im not saying this orginization is required to make an informative video however the way the video was portrayed was more center approach about universal basic income but then began to vear off and try supporting universal basic income with common left leaning political points. Whether the Atlantic chooses to do a more argumentative video or an informative video about Universal basic income is neither here nor there for me either way I hope that in the future they better clarify which one they better support because the video seems to be playing both sides which isn't very intellctually honest to say the least. (Not insulting jusy saying)
Tristin Fleurimond,
We don't need money to live (to live comfortably). Money being just another form of religion, the "cuts", "taxes" etc. are just the consequences of the religious like premise. We have the resources, we have the technological know-how, these two things are all we need, not some valueless pieces of paper.
P S lol get a job loser and those tech know how folks want to get paid for their time.
Andreana Calhoun,
1. Now this is the strongest counterargument I've ever heard - "get a job loser"
2. Well, if you did not notice, we need the resources (food, housing, electricity, etc), *not* the money themselves.
P S my statement still stands, you lazy basement lefty dwellers are a joke.
UBI is just a step further from equal pay. In @5Nordics income distribution is 3 times lower/more fair, still Nordics are more prosperous according to Prosperity Index (Norway #1, DEN #3, SWE #5).
Nordic Model = #TRMAGA This Really Makes America Great Again
sounds gay
Ultimately that is where it will go, UBI. Or have people dying on the street.
In the end it is the middle class business offers its goods to, and if they cannot pay businesses fail. A seller must have a buyer>
This would be a ~$3T ($11k per person, figure 272m people aged 18-65) budget item. The current ENTIRE US Budget is ~$4T . This is nearly a doubling of the federal budget. I used to respect the atlantic but making this kind of video, without at least addressing this tremendous cost and reasonable (if there are any) ways to pay for it, it really shows a decline in the quality of this outfit. So, how would you pay for it? Even if you cut all other forms of welfare (keeping medicare/medicaid/SS) that saves at most $500B, so you still need $2T more? Even if you cut the defense budget out 80 % thats only another $500B or so. Still need $2T
3of11,
You're forgetting that money is a religious like belief system. They are objectively valueless/pieces of paper.
We accumulate over $100 trillion of transactions in a year. A tax on that could cover it and all the government expenses putting an elimination on all other taxes. Doing so would eliminate income tax, corporate income tax, sales tax, real estate tax, etc.
You don't work, you don't eat should be the philosophy instead.
Ubi or higher wages a tax or paying people a lot more money the companies and the government gonna have to decide if they want the country to survive
In 2018, government started taxing all income. Even if you make $1000 per month, they tax it 10% plus state taxes... Why do we even talk about UBI???
Please do universal basic income but ONLY if it's a program voluntarily to participate in!!
Dumb.
You don't want to be dependent on the government.
Andrew Yang 2020! #Yanggang #Yang202
Here's the way I would draw it up:
$12,000 to every citizen, which costs just under $4 Trillion. For those born after UBI starts, they have a mandatory Roth IRA contribution of $1,200/year from birth to age 17, but the other $10,800 they still get as cash. We'll come back to that later.
UBI would replace other forms of welfare ($569 Billion), Medicaid ($448 Billion), the Earned Income Tax Credit ($63 Billion), and the Dependent Tax Credit ($37 Billion), which nets us $1.107 Trillion.
The bulk of this would be financed by raising marginal income tax rates 12% on individuals - i.e., if your marginal rate is 12%, under UBI it would be 24%. Your UBI funds would not be taxed, and you still get your standard deduction of $12,550 (2021 amount for single filers). For example, if you have a $35,000/year job, you pay an additional $2,694/year in Federal Income Tax, but your $12,000/year in UBI makes you better off by $9,306. This rate increase should yield $1.331 Trillion.
The corporate rate goes from 21% to 35%, which should yield $568 Billion. I'd eliminate the Federal Unemployment Tax as a concession to businesses, although that is only $43 Billion, and would just reduce unemployment benefits.
I'd make all capital gains taxable as ordinary income, which would be between 22% and 49% depending on one's income level. They currently are at 15% to 20%. This yields $45 Billion.
So far that's $3.051 Trillion of the $4 Trillion needed. I'd then cut Social Security Benefits by the amount of UBI - no one drawing Social Security sees a net decrease, which saves $816 Billion. The other $133 Billion would need to come from discretionary spending, or by cutting other Social Security benefits (like survivors' benefits).
For our post-UBI babies, they get 10% withheld into a Roth IRA into index funds that have averaged at least a 6% return. Even if they don't contribute anything after they turn 18, they'll still have around $465,000 by age 59 1/2 assuming a 6% annual return, plus UBI going forward, and that assumes they do nothing else for their retirement. They wouldn't pay the employee's share of Social Security, but their employer still pays their share as long as the current system is still around, which basically removes a possible incentive to discriminate against older workers.
No account for inflation
It would make some people in the financial sector very wealthy, then about a year later, inflation would destroy the gains and a loaf of bread would cost $8 or so. I moved from the UK to the US because I wanted to work hard and keep the wealth I generated, not give it to people who get pocket money from the government. If taxes were jacked up to European levels I and a vast vast proportion of the business owning and manager tax base would leave.
Well go create your own island. We didn’t ask for more selfish conservative nuts to come in this country!
As a libertarian I’m definitively ubi curious, but only if we replace social programs with ubi iOnstead of adding ubi with social programs. We need more innovation and small businesses with automation taking away jobs. If someone’s basic living expenses could be covered, i would hope it would incentive people to open that little shop they always wanted. Also it would hinder welfare queens or women making babies for benefits. You get a basic income for yourself no more no less.
How to make a video with no real argument in 3 minutes. Could you explain how would you raise 3.9 trillion ( federal government budget)? Even if you apply to the same amount of workers today that number is 1.5 trillion.
UBI is a terrible idea, and means two things: dismantle almost all government, reducing to the "essentials" and transfer into markets that welfare. In concentrated markets as the USA, that's complicated, just to see how bad is the status of health markets.
The worst part is that creates a permanent income for "all" citizens. It could be nearly impossible to remove that "right" after people are receiving free money for some time, the political cost would be huge.
And let's be honest, the USA can't afford anything "new" as a government with a debt that keeps increasing and a massive tax cut.
probably more realistically is we start with providing money to the unemployed and even if its a high number the majority of people would still want and try to find employment. living in poverty is not fun and social security payments don't even qualify for basic income requirements on a studio but it would take most people out of extreme poverty and possible provide a means for them to learn a new skill or even just buy a nice outfit for job interviews. we spend billions of dollars on waste and overly spend on military and should close tax loopholes and expect people to actually pay.
I am not sure we have a choice. About ~45% of jobs could be automated in the next couple of decades.
US accumulates over $100T worth of transactions throughout a year. A small tax on that could easily replace the current tax system and fund such a thing.
The wealth of a nation is the goods and services it produces, not the currency units it trades with. All this will do is reduce the value of the dollar and increase the cost of goods and services. You'll have to increase the value of UBI exponentially for it to remain relevant, and by time you do it faith in the currency will have long been destroyed. UBI will destroy the poor the most, and reward the people with assets the least. But make no mistake, it will make everyone suffer.
The poor are already destroyed by the current system!
If the Gov't started paying people $1,000 a month then the cost of rent everywhere goes up at least $1,000, probably more.
It does not work that way. Yes, inflation might go up but it would not go anywhere near the gain from ubi.
no it doesn't
TheChickenRiceBowl,
What do you mean? Unless we block the prices too, that's exactly what will happen eventually (and soon, too).
Danny Knapp,
Less or more?
I'm a landlord and that's exactly what I would do....
The only issues I've found with UBI is that we never discuss children and the amount they would receive and how that would average out for a whole family. This would also incentivize some to have larger families to get the extra cash flow and uhhhhh, oh wait, I think we just solved the population growth stagnation issue :D trolololol good times
The main issue with UBI is that it kills the incentive to work. Don't believe me, Finland tried it and see what the result was. I'll give you a hint, UBI didn't turn out to be a great solution. Even though they say that if the tax increase went up 30% it would have been successful but my point is. It ultimately kills the incentive to work because your getting free money. If the U.S. tried this, I guarantee you it would not promote self reliance. But instead, more dependence on government.
I think people with entreprenur soul dont need UBI or extra time. They create opportunities themselves and destroy all barriers in front of them
3:00 its not something for nothing as noted. yet we need "understandable" explanations for the masses so the understand why there are kickbacks. yes the normal people should get kickbacks too, not just the fat cats. times change
"Might" increase inflation.
lol
pritzi101
Depends on how it’s introduced.
If you’re not printing the money, then it’s just money being spent the same way it is on other programs. Same market forces would be at play. Plus even if it caused a little the fed is actually struggling to keep inflation up where they want it, things keep driving prices down.
I find this highly misguided. UBI can never work for one basic reason: inflation. If everybody in the US got 500 dollars monthly, no strings attached, then prices on everything would inflate massively. The 500 would devalue into 20 dollars purchasing power, or whatever level negates most of the extra consumption.
That's not really how inflation works.. Inflation is more tied to the creation of money. Things don't suddenly go up in cost just because people have extra spending money. And anyone raising their prices based on an assumption that 'people have more now' deserves to lose business to their competition. UBI doesn't remove the free-market.
Sure, maybe the cost of a few things might increase, either due to taxes, or supply shortages with more people buying those things, but certainly no where near enough overall to negate the UBI, in the way you're suggesting. Most experts researching UBI seem to suggest inflation wouldn't be a problem, and we'd see far greater benefits via the economic growth from more people having spending money.
@@GrumpDog Yes, it is. Disregarding taxes (which would never even hope to be able to supply the government with enough money and have them get away with it) inflation is also measured by monetary velocity, basically a measure of how quickly money is exchanging hands. This is important because consumers are the main driver of monetary velocity in the overall economy. You give everybody an extra 200 dollars each month, consumption goes up, monetary velocity goes up, then inflation.
Note that the creation and distribution of money isn't the only factor here, a pandemic stimulus was distributed to people, but no significant inflation happened until now, when the economy opened back up and everybody could go out and actually spend their stimulus, thus increasing the velocity of money. An UBI would create a net increase in velocity, there's just no way around it.
@@bunnyben5607 That is simply not what we see, when studies have been done on UBI.
@@GrumpDog well every study on UBI has been conducted by giving a relatively small group of people an amount of money per month. You can hardly call that "UBI", and in some cases a lottery is performed to determine who gets it. Full scale UBI has never been implemented, you dont need to print off money to have excessive inflation and you don't even need an increase in demand. The current welfare system only is accepted because it (somewhat artificially) increases consumption in certain areas of the economy we deem acceptable due to excess supply, i.e. food mainly. Once you move out of that you begin to influence the economy on a large scale, to where the excess consumption heats everything up.
@@GrumpDog Also I should say that your belief that "money creation = inflation" is EXTREMELY outdated, it's an idea which has been almost entirely discarded by mainstream economists.
I think 500 a month is fair enough.. It's enough to not go hungry and be completely hopeless, but not enough to keep you from working to make more money.
Richest country in the world....
....for now
Has the debt gone down? We spend our “national wealth” Pretty quick I think 🤔
Josh Ram,
Money is yet another religious like belief system.
it just taking from the rich, not spending money
It's needed now than ever.
Oh Jeez. Do the numbers. It can't be funded. Lets look a wealth example to see just how expensive this really is.
There are approximately 621billionaires in the US with a combined net worth of 2.9 trillion dollars. There 18.6 million, millionaires with a combined net worth of 93 million. Added together that is roughly 2 trillion 900 billion dollars. There are 243 working age adults in the US. If each received $1000 a month in UBI that would be 2 trillion 900 and sixteen billion dollars for one year. So, even if you stole all the wealth from all the billionaires and millionaires it would only fund UBI for about one year. Then where would you get the money? Well, you wouldn't.
That is absolutely the best case improbable scenario for finding the amount of cash you would need and it still doesn't work. If you think that cutting certain programs and adopting a VAT tax would fund it in any meaningful way then I suggest you run those numbers to find out just how much of a short fall you would have. Believe me its immense.
This is the best case scenario tho.
Next March we will start a sort of UBI here in Italy, but only for unemployed citizens! Around 900$ a month untill job centers will find you a job. At the third job offer you refuse (any job offer located within 50 miles from your house) you loose the income. If they don't offer you any job, then you keep receiving it till you die. I believe some people will take advantage of it and some people will use it wisely, like going back to school, but let's see.
i love this so much
A universal basic income would raise other higher paying jobs causing inflation leaving us in the same situation.
Alex Phillips Higher-paid workers still receive the same basic income check as everyone else. They just pay more into the system, meaning they get back less than they pay in. You might be thinking along the lines of minimum wage, where if you raise the pay at the bottom end it puts pressure to raise the pay higher up.
With minimum wage going up, I'm not sure that ALL jobs can increase pay by the same amount unless the actual money supply increases by printing more of it (which WOULD cause inflation). Maybe less money just gets goes into profits and more goes to lower-end workers. So that could mean less development of capital, which isn't good. Overall things are just more "flat" and the difference between the top and bottom incomes is just smaller, and maybe the economy grows more slowly as less funding goes to capital, and also as more-skilled people waste their time doing tasks that aren't worth paying someone minimum wage to do. Maybe low-skilled people also lose job opportunities because they aren't qualified to do anything worth paying minimum wage for.
The "flatter" pay gradient does reduce the incentive to reach the top, but maybe not enough to affect how hard people work to get there.
I lean toward basic income vs. minimum wage because it sidesteps some of the problems with minimum wage.
See my other comment on this video for ideas on how I personally would implement a basic income system. I'm not an economist, just an underinformed guy who thinks a lot about this.
It does not work like that. Yes, there would be some inflation but not enough to offset the increase in peoples overall gain in ubi.
Alex Phillips,
In fact UBI *without understanding of WHY/what this is* is yet another weak stitch to a broken system.
Alex Phillips
I would agree the day it is put in place there would be massive inflation. Kids coming out of their parents basements, banging on the landlords doors looking for an apartment. But, there would also be other people moving up the housing ladder.
HeyoSpeaker And still yet, absolutely no clue as to how to pay for it. The inevitable broken femur of every socialist/communist policy ever proposed.
Terrible idea. If you get money for doing nothing, there will be no reason to work
I would work! Especially if it is a project building something new.
@@UnamusedAHole Yeah but the point is that your going to get paid anyway whether you choose to participate in that project or not.
If a company replaces all its Employees with Robots they reduce their costs too. If the VAT is charged taking a portion of the "No Human Employee" savings the UBI would not cost more.
EG Amazon replaces more workers with robots (which is happening), reduces it's costs by 20%
Add a VAT of 10% to all purchases, the cost is still 10% less and we all benefit when the VAT is converted to UBI. It's a trickle up system. The UBI is also so low, that there is still incentive to work when able to raise your living standard. Think about it, could you live on $12K a year? My colleague pays $25K a year in Health Insurance alone, my prior home taxes were $12k a year. So no I don't think it will cause inflation nor will it cause laziness. But it will prevent starving homeless people #Yang2020
www.livemint.com/companies/news/accenture-to-sell-automation-software-that-allowed-it-to-cut-40-000-jobs-1548768068351.html
Basic economics says it would just go to inflation. Minimum wage in 1981, the year I was born, was $3.35. Minimum wage today is $7.25, nearly double. So are people who make minimum wage better off today than those that made minimum wage in 1981? Well, no. Why? Because the more money people make the more they have to spend. Capitalistic economies are based on supply and demand. Increases in the money supply, increases what people are willing to pay for an item without increasing it's scarcity. Scarcity increases prices because people will pay more for something that is harder to get. Increases in prices decreases demand and so every product or services is priced at the price equilibrium. That means that every buyer is willing to pay the price that for a product of service that every supplier is willing to sell it for. Over supply aka a glut will push down prices and push out competition until the price equilibrium is once again reached. If something is both in high demand and low supply, this will encourage competition to increase supply until once again we reach a price equilibrium.
that doesnt make sense anymore! If you give more money to people of a country and prices in that country start to rise, then people will buy the product from other countries on Amazon :)
*What I would love to do is work my butt off to give money to all the slackers of the world.*
Do you call the 40,000 people just laid off at Accenture Slackers? Or the 10,000 GM employees, how are they all going to find a job when more and more are automated. This is not a lazy people problem, it's jobs being automated away problem. And VAT would pay for the UBI, so your income taxes would not increase.
#Yang2020
you would also be able to get this money to dumbass.
I'm sure the so called "slackers" of the world loved having their govt tax dollars empowering the Federal Reserve to print out FOUR TRILLION DOLLARS for the bankers' bailout
Y A N G
G A N G
2 0 2 0 !
Giving people more money, doesn't solve the problems in this country.
Andrew Yang 2020
#yanggang
Using A. I. The United States launches Universal Basic Income
. This is due to the mophogenetic field using the harmonicsynchrobedding system.
Now if we'd cut defense spending, have a surplus instead of a budget deficit, and pay down our national debt so we wouldn't need to borrow money from other countries/raise our debt ceiling...but then there would be no Republican party if all of that were to happen.
Meh, the first powered flight was performed in the US by the Wright brothers, but the Brazilian Alberto Santos Dumont invented the first true airplane.
UBI would work better accompanied by an increased flat tax on all products. Eliminate Social security tax. Eliminate any taxing of people that work to eliminate the hostility between the poor and wealthy. It would weaken the games politicians play to create division between classes. It would be about building an economy where everyone is involved. That’s where the hostility comes from. Working class don’t want to work for people who don’t work. Poor people want handouts from large corporations simply because they believe they can afford it. The UBI should be funded 100% by products and services. The taxes used to fund UBI should only come from purchasing things, not from employers and people who work. This will encourage people to actually purchase products and services to fund themselves. The IRS will become irrelevant. The government would still get what it needs to run while taking pressure off us to fund them.
I'm for it it gives security & peace of mind & the free time to pursue
what you really want to do & achieve in life. Who wants to be a slave to a job they hate ??
Just to merely survive if you're tied down to a 9 to 5 job every day you don't have the freedom to better yourself to live up to your highest potential. Life without purpose & direction sucks & is meaningless & soul destroying.
You should never do a job just for the money & too many people work jobs they don't like or not suited for. If you don't like the job you're in you shouldn't be doing it. use
you're free time to better your situation. So I think this UBI is a good thing that can lead to
a utopian world & reduce & end poverty & homelessness.
The world would be a better place if everyone is productive in the right way & happy & content. UBI is a safety net. Capitalism & socialism needs to be balanced so it benefits
everyone.
Also increasing robotics & automation is replacing the work humans used to do
so it could be the future & the new world order.
The fact that this video doesn’t talk about the wealth effect is criminal
"We are the only species on earth that has to pay to live and eat, yet we are supposed to be the most intelligent".
UBI and a job or learn a new skill for that job or creativity plus a 4 day work day 3 day off days with pay that would be good and add technology Innovation automation
Your human civilization has officially accomplished its domain on the planet with technology and automation. Just as any average household can afford to feed and shelter their cats and dogs, so your government can afford to feed and shelter YOU.
I don't mean to compare humans to dogs or cats, but see modern humans don't see their pets as pets. They treat them as family. You are a human family with great potential to look after one another, and to benefit from the myriad innovations that can and will arise when you keep everyone alive instead of leaving them all to fight each other in survival desperation.
Yes!! And I can't help saying, I don't see any Republicans complaining about the socialist cats & dogs! lmao!
What Might Happen If The American Government Gave Everyone $1,000 A Month? trump wouldn't be able to play golf every weekend on the taxpayer's dime.
The government isn't giving anyone money. It's stealing from productive people to bribe low IQ leftists voters with "free" money.
HELL YEAH
No. People have wealth, not countries.
It is immoral to tax one group in order to provide for another group.
I'm of two minds, on the one hand I can see the benefits. It could get a lot of the homeless off the streets, feed a lot of children, enable more seniors to pay for their meds. On the other hand, I have a former foster son that would stop working and spend the rest of his drinking and playing video games. He would never bathe, never clean his home and eat nothing but junk food. I don't think most people want to support that with their hard earned money.
or maybe he will stop drinking and get a job if given the opportunity.
What sources There's none listed Smh
beautiful animation!
...how can Vox advocate for both UBI and open borders?
How can you advocate for helping people at the expense of hurting people (ie people like the CEO of Microsoft and Apple that donate billions to help people at the expense of kids in sweatshops in China making their wealth). See it is our duty as a human race to help all people. Ultimately universal should mean global, as in the entire human race of the world.
ever visit north philly or chicago's south side? we are providing basic income to a portion of the population. and its gotten us into a state of welfare dependence where the incentive to work, to marry, to form lifelong familial bonds and to be productive members of society has drained away.
relatively homogenous societies with small overall populations and accountable governments (scandinavia, anyone?) can get away with ideas like this. america cannot.
Universal basic income? How about just lowering taxation for the poor? Its crazy high unless you're on welfare you know...
Yeah that would be a much better solution. How about not taxing the lowest income level workers?
We are not that rich. Take a look at our debt, Country wise and personal wise. It may look like we have a lot of wealth but it really is just a debt.
Love the cut out style it's so cool! Probs wouldn't happen tho since this is such a price project and it takes forever to budget stuff. Maybe in the farish future but who knows? The world can change super fast.
Smaller families would cut down on unemployment. Why not have tax incentives for 2 children families?
Aren't resources and logistics the problem, and not fiat money printed out of thin air?
"the government will pay....." The government doesn't have any money. The only money government has is what it takes from people via taxes and fees. Corporations don't really pay taxes, the taxes are a cost that get covered in the cost of the product that consumers pay for. Where will the money come from?
F C $20T debt tells you the government is able to spend beyond tax payer money. So come again. 😂
They spend borrowed money. It is public debt not the 'government's debt". The government doesn't have any ability to pay it back except to take it from us first.
F C and there are other resources that the debt could be paid off along with this, but we are too focused on a system that doesn’t work.
It could an alternative to increasing the minimum wage. And like minimum wage, you increase it slowly to avoid too much inflation. Start it at $100/month and increase it $100 more a month every year. Of course we also need Medicare for All, before that or it will all just go to healthcare.
You lost me @0:07 stating that "we put a man on the moon"!
LaaaWWWWWWWWWWWLLLLLLLL
Not convincing
If wealth was distributed equally amongst everybody there would be no poverty but there would also be no monetary rich people either. Everybody would be more equal but doing different jobs. It would be a more Utopian society.
What's wrong with working hard all your life save and scrape together a decent chunk of change by retirement. You live off the intrest via mutual funds. Then you give it to your kids (who are usually adults at this time) when you pass on to build on. It worked for our parents and their parents.
they didn't have the same level of automation issue
Even though you mentioned it as a downside, you still ignored them. Those downsides are huge, would destroy the economy, and balance out eventually due to inflation rates. And we'd be further in debt. Not worth it.
Wrong, it does not work like that. Yes, inflation would go up not anywhere near as much as peoples spending power. Also, we are the richest country in the world we can afford it without having to go into debt. It would also help the economy, more people would be spending and have spending power thus fulling the economy.
Daren Dodge we are
20.
TRILLION
Dollars in debt. We wouldn't be going into debt. We'd be going further into debt.
And people would be spending more money so companies would raise costs because they can make a greater profit and they'd be less likely to run out of stock.
ua-cam.com/video/nzPoDCmYmwI/v-deo.html
Daren Dodge not gonna lie, this guy is very rational. Were UPI to occur his way would probably be the best. It would still hurt the economy greatly, but mostly from the prices rising in adjustment. That said I think the debt should be a greater focus but I don't think if it's done this way it will cripple us. Worth further study for sure. Glad this didn't descend into typical UA-cam comment fare.
Agreed the debt is going to get us if we don't do something about it and you sir are a gentleman and an intellectual. Nice to have a discussion with respect on UA-cam
2:12 "the United states is a relatively low tax country rn..."
THANKS BIDEN