Why give free money to everyone? Clearly a rich person doesn’t need a monthly check from government...
Milton Friedman long ago proposed a negative income tax to replace means-tested welfare programs. Essentially, people below a certain income threshold would receive money which scales to a maximum the closer their income approaches zero.
I do think people radically underestimate the unforeseen consequences of a free guaranteed income, even if it was low. I’d be willing to live as a poor person if that meant not having to work. Actually, where I live now I live comfortably on $1200 a month. I definitely would choose not to work or work less if that money came free from government. If I got free money I wouldn’t increase spending, I would reduce work.
Milton Friedman long ago proposed a negative income tax to replace means-tested welfare programs. Essentially, people below a certain income threshold would receive money which scales to a maximum the closer their income approaches zero.
https://en.m.wikipedia.org/wiki/Negative_income_tax
I do think people radically underestimate the unforeseen consequences of a free guaranteed income, even if it was low. I’d be willing to live as a poor person if that meant not having to work. Actually, where I live now I live comfortably on $1200 a month. I definitely would choose not to work or work less if that money came free from government. If I got free money I wouldn’t increase spending, I would reduce work.