Pre-covid I had come around on UBI. But I have since soured on it again now that we had a reminder that inflation is real.
In my mind, it doesn't seem like taxing the rich is a functional payment method for the same reason trickle-down economics don't work. Years of tax cuts did nothing to move the needle on consumer demands - if you give every millionaire $1000 they don't suddenly buy more milk.
In comparison, when every American was written a big stimulus check, we did see consumer prices respond across the board. By about as much as the entire cost of the stimulus! People did go out and buy more milk! I tend now to believe that consumer prices are set by the amount of cash the median American has.
I am worried that something like a $1000 UBI would basically raise all consumer prices by $1000. And we would still have to pay for it.
I would much rather return to a pursuit of a Negative Income Tax which has nearly all the same benefits but would be much cheaper and have fewer unintended repercussions.
In my mind, it doesn't seem like taxing the rich is a functional payment method for the same reason trickle-down economics don't work. Years of tax cuts did nothing to move the needle on consumer demands - if you give every millionaire $1000 they don't suddenly buy more milk.
In comparison, when every American was written a big stimulus check, we did see consumer prices respond across the board. By about as much as the entire cost of the stimulus! People did go out and buy more milk! I tend now to believe that consumer prices are set by the amount of cash the median American has.
I am worried that something like a $1000 UBI would basically raise all consumer prices by $1000. And we would still have to pay for it.
I would much rather return to a pursuit of a Negative Income Tax which has nearly all the same benefits but would be much cheaper and have fewer unintended repercussions.