What’s Wrong With Universal Basic Income?

Huntn

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I’m open minded. :D
However, most of you know me as a cynic regarding the prospects of the US. Too much selfishness and stupid. I think we will muddle along until the economic/Federal Budget crisis grows to a point where we collapse into chaos.

The question up front: Besides an overhaul of the entire US economic system, what is wrong with Universal Basic Income?
I’ll suggest our system is set up to make a few extremely wealthy, a minority comfortable, and a majority struggle, 30% as glorified slaves. Is there any validity to this concept?

I can’t speak for Europe which as a rule has higher taxes for social benefit. In the US If the 300m or so adults got educated (unlikely in our system of pay for it yourself for higher education), what percentage of them could grab jobs that paid $80k* or better a year?
* I chose that figure because I think at that amount a couple can be comfortable.

  • Slave Wages Business Models. Think about how the average small business model, oh we just provide starter jobs. The owners live the good life, the workers live at home with their parents, have a spouse earning most of the household income or have to live in groups to make ends meet.
  • If everyone set out to get a higher education, could they grab that good paying job? I’ll say no, the system is not set up for that.
  • Then there are our patriotic Corporations who have shipped MILLIONS of manufacturing jobs out of the US since the 1960s without government interference.
  • Then there are our patriotic Corporations who have shipped MILLIONS of manufacturing jobs out of the US since the 1960s. (Needs to be said twice.)
  • And then there is automation. I read that at current states of technology that 70% of all jobs could be automated.
  • And finally there are the Right Wing politicians who don’t think corporations should be taxed, and have the fantasy believe that the infrastructure can be maintained by just taxing the little people and giving the top 10% the opportunity to live life large. These are the same politicians who scream about the evils of Social Security, and Medicare as they cut billions of taxes for the wealthy. And they rail about welfare, while giving away billions of tax dollars to the wealthy and corporations. It seems like the only people they want to hold accountable are those at the bottom.

What do you think? I interested in hearing the perspective of those who live outside the us, possibly in higher taxed countries.

Pros:
  • Workers could afford to wait for a better job or better wages
  • People would have the freedom to return to school or stay home to care for a relative
  • May help remove the "poverty trap" from traditional welfare programs
  • Citizens could have simple, straightforward financial assistance that minimizes bureaucracy
  • The government would spend less to administer the program than with traditional welfare
  • Young couples would have more money to start families in countries with low birth rates
  • The payments could help stabilize the economy during recessionary periods
Cons:
  • Inflation could be triggered because of the increase in demand for goods and services
  • There won't be an increased standard of living in the long run because of inflated prices
  • A reduced program with smaller payments won't make a real difference to poverty-stricken families
  • Free income may not incentivize people to get jobs, and could make work seem optional
  • Free income could perpetuate the falling labor force participation rate
  • Many opposed to giving money to the unemployed

Federal Poverty Level:

Average American Income:
 
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