Many countries have tested UBI and it has proven to have positive effects.
Firstly, when money is given to those who need the money, they spend it, providing a trickling effect into creating more jobs and more money in the system which adds value to peoples lives. In fact, penalizing people thru a GST system that discourages spending seems like the wrong thing to do. We could perhaps consider a savings tax to encourage more spending and investments to generate more jobs.
Secondly, a UBI that barely covers ones basic cost of living will not prevent people from seeking jobs and doing work to contribute to the economy. It is human nature to want more and to have enough so as to also sustain their lifestyle and entertainment. What UBI does is to provide a safety net for the retrenched and the elderly and those who are unable to seek employment due to factors beyond their control, like having to stay home to look after their kids or look after a sick relative or if they are sick or disabled. We could provide UBI for all, both rich and poor… everyone…. and encourage all to find jobs that they love. So that they can earn more on top of the UBI and lead a comfortable life. That is, UBI should be given to all irregardless of whether one has a job or not, rich or poor, able or disabled.
Thirdly, with automation and AI taking the world slowly but surely, unemployment will be a systemic problem and there will be fewer jobs available for the population. UBI will aid this problem. But what this could also lead to would possibly be a gig economy or even 3 or 4 day work weeks which could be good for society in general because we can spend time doing the things we love and being with the people we love which makes us more productive and hopefully, many could turn their hobbies into meaningful work that pays them enough. And when people are happy, there will surely be less crime.
After all, money is infinite and it is how we use it responsibly that matters, and how we are relevant and of value to the community and the world at large.
The rich can continue to be rich. They will continue to be served by those who want more to fund a lifestyle or even to join the ranks of the rich….
The young must afterall, earn their birthright to a better future…
And the rich will be further enriched with business from the poor who are now endowed with spending power, instead of money stored snugly in the banks by the rich. Money that is not utilised is inefficient, adding no value to the economic ecosystem…
Crimes will be reduced substantially as people are no longer desperate and can live in dignity….
The rich and the governments of the world will fear less reprisal from the poor… No need for bodyguards.
Afterall, what good is money if it is not utilised to bring happiness to ourselves and the people around us?
And if we all have a right to a universal basic income, why do we need a hoarding mentality to hoard money in the bank?
Our money will be better utilised invested in businesses that bring value to us and the people who work for us and the people we serve. Dont we all want to have some meaning in life? Does this not bring us happiness?
Our money will be better utilised when we spend it, sustaining jobs and creating more demand for more jobs…
Afterall, money is only a means to make the world go round. And when more people have the means to spend, there will be more spending, businesses will thrive, more jobs will be created, creating more spending and more thriving businesses….
The rich business owners win with more business generated, governments win when they have a happy populace with no fear of reprisal, the poor wins when they are not desperate, the middle income wins when they have more opportunities…
A win win for everyone? Who will lose?
How do we fund a UBI?
Does money need to be farmed? Is money mined from mother nature? Is money controlled by the weather? Who controls money supply? Perhaps cryptocurrency can solve more of the world’s problems… See this link.
Why should we give money to everyone and not only those in need? Isn’t it a waste of resources?
Isn’t it wasted resources to try and identify and verify who needs and who doesnt? Why should those who work be penalised by not having the same benefits as those who do not work? What is the criteria for specific needs? What if someone really cannot find a job?