I was once talking with one of my classmates and he said that in the future, there will be universal basic income implemented by entire world. I was not convinced at that time and thought he is just being stupid but given the layoffs happening and massive amount of unemployment, I am thinking about this possibility. What do you say?
I don’t think so.
No UBI proponent has given me a convincing argument that
inflationgreedy bastards won’t eventually increase prices to the extent that the extra money would be effectively wiped out. Which would be especially bad because people often propose UBI as a replacement for welfare - so those on a benefit get what little spending power they have eliminated, and only those with jobs can absorb the increased costs.Also, governments don’t tend to go around handing out money (well, to those who actually need it) willy-nilly. Most social welfare/workers’ rights gains in the 20th century were because western governments were afraid that the October Revolution might give their citizens ideas. As of now, there’s simply no threat of an alternative to Capitalism.
Really? Cuz all the serious discussions about UBI I have seen one of the first things they address is ways to prevent product makers and sellers just jacking up their prices.
Why not do that before UBI?
Some places have been trying to make their price gouging laws more robust already.