An Alternative to Welfare
Video Statistics and Information
Channel: Learn Liberty
Views: 88,503
Rating: 4.4587412 out of 5
Keywords: Universal Basic Income, Social Welfare, Welfare Reform, Basic Income, Universal Income, Welfare state, liberties, liberal, liberalism, classical liberal, classical liberalism, liberty, freedom, libertarian, Rubin Report, Dave Rubin, Michael Munger
Id: ADCOI2k0Eyc
Channel Id: undefined
Length: 5min 8sec (308 seconds)
Published: Mon Aug 21 2017
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I think NIT is better than UBI because it's less costly. Either one would be a great replacement for the welfare state.
Im slowly starting to like this idea of a UBI. Certainly we need to fix the current system and since the "handouts" are never going away, UBI seems like a better alternative.
Most tax is paid by middle income earners. If i receive 500 - 800 a month and my tax goes up by 8k - 10k whats the point?
If everyone gets paid a UBI how will we also avoid inflation that otherwise cancels out the cost benefit? We end up getting taxed more and pay more for goods and services.
Maybe when we have a nuclear fusion reactor in every home and energy is free and abundant then we can have nice things like UBI. Until then, invest in technology like that along with affordable water vaporators and replicators that can convert electricity in to food.
UBI is interesting and I need to learn more about it. But, with that said, wouldn't a UBI take away the motivation to work in some ways?
UBI has a lot of problems, first of which is sustainably. If everyone is getting a certain amount of income, then you have to tax everyone above that minimum a ridiculous amount to cover everyone. As fewer people work, this tax has to rise proportionally, which will discourage work further, leading to a death spiral. Eventually you won't be able to collect enough, and so money will have to be devalued (either by credit or printing money), causing the minimum to be less than considered minimal.
Secondly, you have to have it work as a supplement to income (i.e. bringing your income up to the minimum), or as a bonus to your income (i.e. everyone gets the same amount), and both are problematic. If you supplement income, you discourage work, since you can get the most by doing nothing. Working only a little abovethe minimum means you've made pennies per hour, since the first part was really done for free. If you give everyone the same amount, then inflation will quickly bring the minimum below the amount needed to live.
This is all assuming you can get people to agree on how much "minimum" really is. I know several millennials who consider high speed wi-fi, iPhone, and cable to be "necessities." Too many mistake lifestyle choices for necessities.
This leads us to our next problem, which is acceptance of personal responsibility. If someone blows all their UBI on frivolity, too many will argue we can't let them starve. This will cause the welfare programs to come right back again, but now we have UBI too...
Finally, this is going in the wrong direction. You can't reduce government with an entitlement program!