Here's my best argument for why UBI can't work in the USA. Let me know where i went wrong:
My TV told me a "living wage" is at least $15 (but probably higher in liberal controlled areas like NYC / most CA cities / etc due to high cost of living & taxation), but we'll start with $15 to make it easy.
$15/hr at 40hr/week = $31,200 per year.
$31,200 * 328,300,000 population of USA = $10,242,960,000,000
Written out (for emphasis) that's TEN TRILLION TWO HUNDERD FOURTY THREE MILLION DOLLARS. That's just the handouts, not counting in any overhead / administrative costs to give out the handouts. It'll likely be more than that if you adjust it higher than $15 for people living in NYC, etc.
Meanwhile, the entire GDP of the USA is less than 20 Trillion. That's the current GDP where people are incentivized to work, so it would likely go down (perhaps drastically) when people are paid to do nothing under UBI.
Let me know how that adds up.
My TV told me a "living wage" is at least $15 (but probably higher in liberal controlled areas like NYC / most CA cities / etc due to high cost of living & taxation), but we'll start with $15 to make it easy.
$15/hr at 40hr/week = $31,200 per year.
$31,200 * 328,300,000 population of USA = $10,242,960,000,000
Written out (for emphasis) that's TEN TRILLION TWO HUNDERD FOURTY THREE MILLION DOLLARS. That's just the handouts, not counting in any overhead / administrative costs to give out the handouts. It'll likely be more than that if you adjust it higher than $15 for people living in NYC, etc.
Meanwhile, the entire GDP of the USA is less than 20 Trillion. That's the current GDP where people are incentivized to work, so it would likely go down (perhaps drastically) when people are paid to do nothing under UBI.
Let me know how that adds up.