The first time I heard of a Universal Basic Income (UBI), or Guaranteed Income was likely from economist Milton Friedman. He made several proposals for taxation reforms including the Negative Income Tax in a way of guaranteeing an income to those that filed their taxes.
Milton Friedman – The Negative Income Tax
In this 1968 interview, Milton Friedman explained the negative income tax, a proposal that at minimum would save taxpayers the 72 percent of our current welfare budget spent on administration.
It was essential that the guaranteed income is lower than the taxation cut-off. This would hypothetically give the poor money and still keep an incentive to work.
At first listen it may sound good, i argue this is mostly in comparison to the bad system most reading this are subject to today, but is at best impractical. The recent increase in automation and general growth of the welfare state has brought this trope back to the forefront once more. Movements such as the Zeitgeist Movement , The Venus Project and others that advocate for a resource based economy(embarrassingly thought this a good idea for a while) tout the possibility of everyone in a given area being guaranteed a basic level of life.
How does one pick what basic is and who qualifies for the guarantee? How does one fund this? If you can opt out of receiving it would you be free of any taxation that may fund it? How is this not some Socialism-lite, an ideology which I have several times written of how evil it and the Communism that follows are.
I am an ardent supporter of market forces. Free-market capitalism is the best way we have devised to create the incentives that result in our success. Even the recent talk of UBI only comes in places and locations that have benefited from the wealth and technology produced in relatively free markets.
Following is an agreeable refutation for those in favor of UBI and a good source for anyone arguing against it.
What Pisses Me Off About Universal Basic Income (UBI)
From Stefan Molyneux:
The idea of a universal basic income (also called citizen’s income, basic income guarantee or universal demogrant) is a form of welfare or social security where all residents of a country regularly receive an unconditional sum of money from the government.
While the idea of a universal basic income has gained popularity in recent years, Stefan Molyneux breaks down the problems with the proposition and explains why it, like all other forms of socialism, would end is disaster.
- The robots ate totes going to steal or the jobs – They Tech Our Jibs!
- Completely ignore the jobs advancements in technology create – Lighting The Empire State
- First snow of the season. Should everyone be guaranteed basic 4 seasons?