Universal basic income is a brilliant idea'. Here's why. | Yanis Varoufakis | Big Think

Universal basic income is a brilliant idea'. Here's why. | Yanis Varoufakis
Watch the newest video from Big Think: bigth.ink/NewVideo
Join Big Think Edge for exclusive videos: bigth.ink/Edge
----------------------------------------------------------------------------------
The welfare state is an ineffective and expensive system that hurts and targets the poor more than it helps. Universal basic income is a better alternative that could work.
The question becomes, then, where would the money for UBI come from? There are a myriad of reasons why UBI via taxes would be a bad idea. Instead, we should look to socially produced capital.
Companies rely on people to be successful, so a percentage of all shares of all companies should go into a public equity trust and the dividends should be distributed to every member of society equally.
----------------------------------------------------------------------------------
YANIS VAROUFAKIS:
Yanis Varoufakis is the former finance minister of Greece and the cofounder of an international grassroots movement, DiEM25, that is campaigning for the revival of democracy in Europe. He is the author of And the Weak Suffer What They Must? and The Global Minotaur. After teaching for many years in the United States, Britain, and Australia, he is currently a professor of economics at the University of Athens. His most recent books are Talking to My Daughter About the Economy and Adults in the Room.
Check Adults in the Room: My Battle with the European and American Deep Establishment at amzn.to/2UzNNo6
----------------------------------------------------------------------------------
TRANSCRIPT:
"YANIS VAROUFAKIS: Universal basic income is a brilliant idea, especially in view of the failures of the welfare state. If you look at the welfare state now it is grown in to a kind of securitized, weaponized system against the poor. It is a system for humiliating the poor, for putting them through various hoops to prove that they are deserving poor. It's a very expensive system both in terms of the emotional effect that it has on the people that have to prove that they deserve benefits and also in terms of the actual economics of it. So the idea that everybody should have an income independently of whether they're rich or poor that comes from the collective. And then that can be the basis for them to unfold their talents and creativity without having to do demeaning work.
This is a great idea. The question is where is this income going to come from. I personally believe it should come from taxation and it should come from taxation for a number of reasons, one of them being political.
If you take, for instance, a blue collar worker that struggles all day in a factory or on a shop floor or working for Amazon, whatever, and you tell him - usually but it could be a her - that another person will be sitting on the couch watching television being supported by the state to do this you are creating a huge political clash there within the working class. So I'm against that. But if you say to the population independent of which social class they belong to that these days capital is socially produced - capital goods. Take for instance the stock, the capital stock of Google. To a large extent it is produced by all of us every time we search something on the Google search engine. We are adding to the capital stock of Google. This is not just a consumer transaction. So if capital is socially produced why are the returns to capital privatized? On what basis? To cut a long story short my proposal has been for a number of years now what we call a universal basic dividend. So I believe that a percentage of all shares - shares of all companies - should go into a public equity trust like a wealth fund for society and the dividends should be distributed to every member of society equally. So a universal basic income but the income comes from returns to capital, not from taxation.
Whether you agree with this universal basic dividend proposal or not it is clear to me, at least to me, that we need global governance. Take free trade. If you are going to have free trade and I do believe that we need free trade. I'm not in favor of erecting border fences and stopping people from selling their ways into our countries. If you're gong to have free trade you better have it along with regulations that make sure that there's no social dumping. So my advice, for instance, for somebody who agrees with Donald Trump against NAFTA is well you want to renegotiate NAFTA, renegotiate it but not in order to reduce tariffs but in order to say to Mexico if you want to continue as part of NAFTA you're going to have to pay a living wage to Mexican workers. So yes, I'm all in favor of global governance and in that context universal basic dividend could work and it could work quite nicely actually."

[@bigthink]

Hello, Big Thinkers! What is your opinion on UBI? Let us know in the comments.

[@TitusRex]

I'm in favor, and now is the perfect time to implement it.

[@curiousworld7912]

I completely agree. We've fallen into this Social Darwinism, and blame the poor for their state. And the hoops they have to go through to prove they're the 'worthy poor' is absurd and demeaning.

[@kevinlhua]

Just FYI the transcript and subtitles have a typo, saying it "should come from taxation" instead of shouldn't. Pretty confusing for those of us that use the subtitles. Great video though! Very interesting perspective on how to fund UBI.

[@jamesmagoo3190]

Well... The resulting inflation would destroy price discovery and harm most societies that implement it. I believe getting money directly into the hands of the people is what did the Weimar Republic

[@highwayrockstar1]

I don't care how they end economic terrorism....just STOP IT!

[@Eric06410]

UBI is a Dividend. We are all shareholders.

[@prathameshdusane2619]

Sounds more like it, true dividend is based on true calculation of each and every transaction

[@oceanblue22]

Eric06410 theft of peoples money to redistribute to those who did not earn it is hardly a dividend. Dividends are result of investing capital where there is a risk of loss of value of the investment.

[@4G12]

@@oceanblue22 There is no investment more worthy than constantly improving the human condition.

[@mtnvalley9298]

​@@oceanblue22 Corporate manipulation is the 'risk of loss' for the people and is heavily earned by undergoing near complete media dominance over the population. To maintain a connection of fairness without utter enslavement between the people and corporations, UBI is a just result.

[@Arbbym9er]

Where's the value?

[@robincoxson7831]

I agree that the shaming of the poor has got to end.UBI is a great tool to use to accomplish it. Creating dividends from Capital makes sense.

[@shree711]

What if some companies issue dividends and others don't. I would like to study a formal proposal to judge feasibility rather than an abstract idea.

[@KarusMBII]

@@shree711 Obviously there would have to be incentives for companies to participate. I'm sure you could think of multiple.

[@reasonerenlightened2456]

Varoufakis disappointed me because his UBI proposal seems to demand global governance. However, I do see some good seed in this idea that every single business must deposit a percentage of its shares in a national equity fund which is used to pay for UBI. I can only assume that the percentage is progressive so that small businesses would deposit much less shares than the big ones. Of course, Varoufakis is wrong about the funding of UBI, as all Marxist usually are when it comes to solutions. All UBI proposals I have seen so far (including those from Guy Standing, Karl Widerquist and Yanis Varoufakis) are unsustainable. It is time we start talking about the real UBI only. The first thing to understand is that businesses are just property (same as your back garden power generator is just property regardless if it runs on fossil fuel or if a bunch of humans must run on treadmills all day to keep it going.). Property is just one form of Wealth. The Real UBI is a mechanism for perpetual re-distribution of ownership of Wealth. Therefore, the real UBI must be funded by a comprehensive Wealth tax only. Publicly owned Wealth must be taxed too. Any UBI funded in a different way is a fake UBI in terms of sustainability or sufficiency. Implementing the real UBI is part of the implementation of the true 'Dictatorship of the proletariat'. ( The objection Varoufakis has to my proposal is that Wealth is difficult to define. Of course , as all Marxists, he is again wrong when it comes to solutions. Wealth is in the eye of the beholder, therefore, it shrinks, expands and changes shape , like a swarm of starlings, but it still can be estimated with sufficient accuracy by using appropriate metrics, statistical and reasoning tools.)

[@MightyJabroni]

@@reasonerenlightened2456 "Therefore, the real UBI must be funded by a comprehensive Wealth tax only. Publicly owned Wealth must be taxed too." What is supposed to prevent businesses from mitigating the economic burden of said taxes and funnel it down to the consumer level? Especially knowing that everybody is running around with an additional 1.000 dollars/euros/whatever to spare. That is my core problem with the UBI. There is a real danger, that it would end up obliterating far more purchasing power than it creates.

[@ElUltimoLeviathan7901]

Yeah work is bad, enslaving and does not dignify, leisure and laziness is the maximum state of the human being

[@NicholasSalay]

The irony of the current system is that by being discriminate towards welfare and who deserves it, you automatically create incentives to stay inside those brackets to get welfare. Actually when it comes to welfare in the US, when you reach the threshold of where welfare applies and cross over it by improving your financial situation, you actually lose money for trying harder. When folks point to how poor people aren’t improving themselves, this is usually the reason - we’re telling them not to. Whether we want welfare to exist at all is an ideological argument that’s going to burn right down to the core philosophies of the right and the left to what role the government should play in society. But if we are going to go with welfare, then the most effective and efficient use of it is recognizing it for what it is - wealth redistribution. Discrimination on deservedness requires us paying people who decide that, and for incentives - I guess im not seeing the lack of incentives on a UBI? Every dollar you make is a dollar you keep and can use to make your life better, unlike the current system

[@Mr72usty]

@kl wies I'm impressed at your word to point ratio. This makes so little cohesive sense that I might even suspect this was generated using a GPT3-like language model.

[@kford9271]

This is the dumb shit someone would say if they have never been on welfare before. Welfare barely gives enough to keep the lights on. People act like welfare recipients are driving around in Bentleys and eating lobster every night. Bruh, we barely have enough to peanut butter on our bread. People have a problem with poor people receiving money to not die. But no one has a problem with corporations receiving welfare to "create jobs". Get out of here with this bullshit.

[@NicholasSalay]

@@kford9271 Can you please stop being poor? Thanks

[@helphelpimbeingrepressed9347]

@@kford9271 Or howabout this one: You: I'd like to not starve pls Reaction: WHAT?! You entitled SOB!! Ultrarich guy: Makes billions, uses loophole after loophole so he pays less tax than his workers. Also pays staff as low as he can so that taxes from all the other workers across the nation subsidise a billionaires workforce via in-work benefits! Reaction: Well, he's rich sooo It's a funny ol game huh?

[@detectiverick9934]

Most people work to survive. They don't have time to do something great. If people didn't have to worry about the basics and they were guaranteed the basics then you will give people time to do so much more. Maybe people will learn a new skill or language. Maybe people will make things that they didn't have time to make before. A UBI is the future I believe.

[@michaelblower7363]

It releases people into a more free lifestyle.

[@seanmeantime]

Make the world a better place

[@johanvanstaden2408]

Lol! Because all people only ever do only productive things with all the time available to them outside working hours. Nobody will use their newly-found free time to smoke, drink and watch TV. Looooooollll! What would the incentive be to "learn a new skill" or "do somethin great"? People generally choose the path of least resistance, i.e. laziness. That's why most people are fat and broke. If you're not saving money and learning new skills on 10k a year, you won't save money and learn new skills on 20k a year. The "system" is not the issue. You are.

[@accel9104]

@@johanvanstaden2408 Probably the dumbest thing i’ve ever read “the system is not the problem you are”, yeah cuz its easier te learn new skills and improve yourself when you are broke, by this logic you are saying that the richer you are, the lazier and stupider you get. Not to be rude but books and common sense dont hurt

[@rolyars]

@@johanvanstaden2408 That's actually not at all what they found in the couple of ubi experiments they did so far. Also that would mean that the economic elite (who don't have to work) would do nothing, while many of them do all sorts of things. Humans generally want to be productive even if they don't have to for survival.

[@cynthiamarquez3370]

There is already a universal dividend from oil revenue in Alaska...it ranges from 1to 2k per year.

[@laurametheny1008]

Really? But that's only for Alaskans...right?🤔 TY that is a good way of thinking tho. That oil comes from the land you all live on. Sure they have to pay to work it but if people weren't using their products or maintaining the State in other ways it wouldn't do them much good. Interesting. The people's here before they were "conquered" believed no man could own the land....🤨

[@lazarusblackwell6988]

Humans deserve to have their basic needs met Every creature on this planet does It is a basic right that nature gives to ALL LIFE on Earth Humans are just slow at getting that fact

[@Nikolajnen]

@James Curry Everyone, except your damaged apathetic brain.

[@zaidahmed5464]

the problem is "Procreation" that is the poor disease, when the poor have one extra dollar they procreate 7 kids in that way they'll never have enough money for basics and no goverment have the ability to give that amount of money

[@GripdaddyTechMounts]

What about the little animal that gets eaten by the tiger? Was the little animals needs met?

[@reasonerenlightened2456]

prove it.

[@michaelblower7363]

@@zaidahmed5464 Not all poor folk "procreate 7 kids". That's a pretty generalising comment.

[@mireilledavidson9427]

I agree. I had a similar idea, a process where these wall street companies can give back to the community and the employees witb a method which can be tracked and for the most part transparent. It would also mean the company will be more invested in its people and its environment hopefully leading to better quality products and healthier choices. The tax loopholes around the world that allows companies to pay 0% tax is driving inequality and cultivates poverty.

[@reasonerenlightened2456]

Varoufakis disappoints again. Passing a law by which every business must deposit percentage of itself to a fund would be next to impossible. ... it would be a wasted revolution if we make one just to pass such law. Revolutions should be used for more fundamental changes.

[@lastrose5334]

This would be the proposal to end homelessness, curb addictions, lower suicide rates and criminal activities. It would create more opportunities to learn new skills like trades, more people would want to help others who are in need of help, more selfless actions, less financial and relationship issues. Less foreclosires. This would actually teach people how to use money more wisely. More people would have money saved up for fun stuff like traveling and hobbies and going out and not just on surviving and essentials. Money would be disbursed more efficiently. Less wars would probably be a result from this in the long term. And third world countries would eventually follow by example and end up becoming first world. Cartels would die out because countries would become less stressed and more stable economically. Rich people would actually still be very rich because more people would be able to afford going to a concert or buying something they want at a store that they normally wouldn't get because money's tight. Homeless people would finally be able to pay rent somewhere and stay off the streets and away from hardcore drugs, they'd be able to also work and be productive for society helping the flow of money. More people would be willing to work a temporary or shit job that only pays 1500-2000 a month since they'd still have 2k coming in passively so now they're making double what they normally would make. Our national debt is almost 24 trillion dollars and keeps increasing more and more and faster by the year so our economy doesn't work. We have to try something totally new to save us and finally pay off and shrink our debt. The solution could simply be put the money in the hands of many instead of in the hands of a few. When you give a company billions of dollars at one time, corrupt things tend to happen that make the money not cycle in the economy properly. If everyone has money then all companies will get their billions but over the course of the year so they're more likely to move it around properly instead of stashing it away or putting it somewhere that it doesn't need to go. My list goes on and on. If we could give people 2000-2500 a month for existing and shrink our militaries. Many great things would happen. It would only cost us around 10 trillion dollars to give everyone this check throughout the year and you already know at least 5 trillion would go straight back into the market from living expenses and whatnot, another few trillion probably from companies and corporations, and other things. We would pay that 10 trillion off pretty quickly and then everyone is a lot better off financially and still working, and we'll find a better way to slowly pay off our national debt

[@mwa1788]

Great comment! (Just separate it in paragraphs so it's easier to read)

[@chibuzornwogu770]

So UBI would solve all the problems in the world. But what is the basis for all these assumptions you make? How do you know the outcome wouldn't be totally different from your predictions? How do you know BMI wouldn't cause even more drug abuse or social issues for example? Are your predictions based on socio economic theory or historical evidence of similar instances in the past? Or maybe you just like the idea and are assuming it will solve all the major issues of our time?

[@PaulKaylen]

UBI is the future

[@bassi7785]

Beautiful comment

[@northernalberta399]

If you give people money for doing nothing. Even less people would work hard, more people doing things poorly which would cause more people to lose their jobs due to the fact they know that there is always a pillow to fall on. Corporations would vanish as the government would demand more taxes leaving less jobs and more dependence on welfare a.k.a UBI Just my opinion but hey what do I know I'm just a guy that busts his ass every day and tries to make good decisions so I can support my family. 😉

[@harmonizedigital.]

The money always goes somewhere. Either to those in need or those who already have enough.

[@4512021]

Combined together Flat Tax Rate and Universal Basic Income would be something.

[@majl9585]

Flat tax rate on income? With the high inequality there is today in most countries/globally, that doesn't sound like a good idea.

[@reasonerenlightened2456]

​@@majl9585 Taxing income or/and consumption to pay for a UBI is NOT sustainable . The UBI must be funded only by a progressive and comprehensive wealth tax.

[@patricebaumel]

Wealthy individuals are very mobile and would simply move somewhere where their wealth isn’t taxed. You would lose their entire tax income - VAT, property tax, capital gains tax. Unsustainable. Varoufakis knows that, hence his push for global governance. He wants to close all exit routes. In a multipolar world that’s an illusion. Countries are going to compete over high net worth individuals.

[@DiEM25Thessaloniki3DSC]

1:02 * I personally **don't** believe it should come from taxation and it **shouldn't** come from taxation... * Yanis Varoufakis is against taxation for funding UBI or Universal Basic Dividend as he calls it. P.S. Great work on these videos Big Think. I've been following you for years.

[@cvc9220]

Forcing companies to use their capital in a certain way is taxation

[@rileyhall2181]

What an excellent argument. It’s time for UBI

[@Leotique]

Andrew Yang should meet him and have a talk, both great people

[@paolomaldini3082]

Andrew yang is 100% not a great person, yanis is

[@reasonerenlightened2456]

Yang's UBI is not a real UBI. Its positive effects will last only one manufacturing cycle. That is why the corporations are happy with Yang's UBI..

[@jessicaal415]

@@paolomaldini3082 🙄

[@royd5154]

But That person sitting on the Sofa will only get there Set amount...but the Person working will have double the income i cant see that as a Problem!

[@davidfernandez7173]

David Smith spot on my friend, the trickle-up economy Andrew Yang said:)

[@NightMourningDove]

Which is why whenever a so called expert tries to make this argument that people will be lazy, it falls flat completely 😂

[@fetB]

Royd, can you expand how you see this as a problem?

[@royd5154]

@@fetB like i said i can't see a problem with that.

[@fetB]

@@woobmeister first off, inflation is a byproduct of bad money management. The fact you dont understand this, says a lot. Secondly living standards are already defined and there is no fking allowance... i can't take you seriously... try to think for a second or keep moving..

[@beniaminocogoi5806]

As a popular YT channel explained (the guy is an australian and his channel is called sth like EE Economics explained), this is what Norway did. When the country acquired the oil , they decided to invest the earnings into almost every share imaginable (excluding “immoral” shares): the dividends from those shares finances the welfare benefits of the country. Like Yanis says: benefits are paid from the dividends of those investments. It seems to be working for Norway.

[@koby1985]

You can find the financial resources from a number of sources e.g. taxes, offshore, dividens , Ni contributions. How much does it cost to run the DWP?

[@michaelblower7363]

Good question. Britain already has such systems in place since the 1940's, all we need do is refine them into an all-encompassing system which is credited into everyone's bank accounts.

[@twinsoultarot473]

UBI is a social safety net with zero holes to fall through.

[@mmtot]

UBI is a certain way to destroy civilisation, steal from those who innovate, invent, take risks and build companies and give it to those who do fuck all. An express ticket to the gutter.

[@bright5468]

@@lambdasun4520 ı think it will be absolute neccecity, in the future 50-100 years. AI is devoloping like shit, we will not need lawyers, doctors and a lot of middle claas Jobs. AI and machines will Do that. In that scenario, what do we Do?

[@mitraja6851]

Thank you I agree this is a smart idea and for the better. Let ppl actually live and enjoy with out worry and they will be happier and more motivated for self improving. They will be willing learn things about themselves and rid of any social barriers.

[@matonmongo]

Mixed feelings re: a UBI... yes, some folks are always gonna 'self-improve', but perhaps the vast majority aren't always so 'motivated', let alone ambitious enough to avoid sinking into various forms of self-destructive habits and other types of 'escape'. And we often forget that for many, having a meaningful job also has a 'yuge' impact on their feelings of self-worth. So perhaps we make a UBI 'conditional' on some kinda community involvement or 'education', also free... of any kind (engineering, philosophy, basket weaving, whatever).

[@availanila]

​@@matonmongo if UBI is conditional on anything then it isn't UBI. Most and majority I'd the same, I can assure you those people you're looking at thinking they don't deserve UBI are the ones that would benefit both us and themselves with most with UBI.

[@BrainsApplied]

Oh god, I feel a major discussion coming up in the comments :p

[@MrPDTaylor]

I'll start it

[@Erupted89]

@@MrPDTaylor No! I will!

[@Paygelove]

sks absolutely!!! No sane person wants this!!

[@JewTube001]

yang gang

[@dewaynethomas3122]

@@sks-nz6mz Go back to 4chan with the rest of the conspiracy theorists.

[@achbanilacran2061]

I freaking love this guy! He explains sheit in a manner that a five year old would understand it.

[@pvtj0cker]

Yes, managed to load 50 billion euros in debt in a few days in Greece. Brilliant economist...

[@achbanilacran2061]

@@pvtj0cker him, personally?

[@nathanwoodruff9422]

_"He explains sheit in a manner that a five year old would understand it."_ and only a five year old would believe.

[@MirkoskjiVero]

@@pvtj0cker read updates about euroleaks to get a better idea about the position you are taking

[@christopherburke2082]

You must know some highly intelligent and empathetic 5-year Olds.

[@privateprivate4384]

I agree with UBI for everyone and I also believe it should come from taxation If we remove get out clauses for the rich then the amount of revenue accrued through tax would pay for UBI.bubba reaper has already explained why it’s a great idea.

[@natashaphillips4371]

As a trade enthusiast who has made lots of money investing with Steve Hendricks, made 31k$ last week putting in 12k$ I will advice y’all get a professional to guide your investments as I can proudly say it’s the best way moving forward from now

[@natashaphillips4371]

His telegram

[@natashaphillips4371]

Stevehendricks

[@compilationvideos9314]

In the UK the total market cap of the stock market is 3.91 trillion. If you wanted to pay each person 1k pounds a month you'd need about 720 billion a year. So a public trust seems slightly impractical, it could however be used in conjunction with taxation and public debt to fund a Universal Basic Income.

[@wsar7669]

With a UBI the stigma around being poor will also be greatly reduced. The way it is today is people who choose not to work are seen as lazy, lesser people. In the future the choice not to work, to simply live a simple minimal life, could slowly become more accepted

[@catvisiontv855]

If we create initiatives all over the US and over places it can happen otherwise politics will take forever!

[@mcneilridore]

Yang was right we need Universal Basic Income now more than ever let's gooooooo

[@eajinabi]

These dividends, as he put it, are reflective of the company's or companies performance. Therefore the amount you get will vary from year to year

[@recoilAbs]

It's hard to say what level of income this proposal would actually generate, but if you managed to keep a healthy profit on the fund during most years, you could easily cover market crashes. Pretty much like social securities around the world world already.

[@nicholaslowell2510]

Encourages healthier honest business models perhaps.

[@denwhitcomb1219]

Not so sure it is the best fix for Capitalism to ensure that optimum balance of taxation but it is certainly worth considering. The basic assumption of our society has become corporate above society. I wish the Founders had the foresight to include the Commerce clause is such a manner that would have kept us on the society first lane. They didn't see the power of advertising to keep the society docile.

[@jish55]

Something I never understood was why so many have to live poor lives just so a few could POSSIBLY live lavish lives. I bring this up for 2 reasons, 1) why do some get to determine what others are deserving of? Who gave them the right to decide what you and I should get? Also why are they allowed to horde so much while others have to suffer? 2) Why are these things worth what they are? There should never be something that's worth so much that only a select few can actually have it. I don't care who you are, what you do, and whether or not you contribute to society, you should be given a roof over your head, enough food to never go hungry, access to the internet, and a vehicle to get you around.

[@unknownchannel3141]

Because most people are lazy and stupid. Sometimes they don't have rich parents so they don't get opportunities.

[@JD-my5ek]

@francais insoumis You do realize this top .1% constantly changes right? Its not the same group of people over the years... CEOs and people who make it to the top 1% or higher is not due to a wage, its because they own shares in a company that tons of people buy (mostly in 401ks) because the company becomes more valuable. Its just the way it works. Unless you're willing to tell a free society that if you start a company you don't get to own the shares, this will continue

[@NoMad42]

Brilliant!

[@massimo.modica]

Support the initiative proposed by European Union citizens: "Start Unconditional Basic Incomes (UBI) throughout the EU". 1 million signatures are needed by 25 June 2022.

[@toefoneman]

We need to do this at a limited trial for say a city, state or county to see how it works there, make a few changes as needed and apply it on a federal level.

[@Jo-nv8yb]

The basic concept of this proposal is something I tried incredibly hard to realise with a new Social Network called Good Connection. I am UK based and we couldn't raise the investment to challenge the existing hegemony as most investors were scared of such. It cost me almost everything but it remains a good idea and I hope someone realises it someday.

[@adampowell5376]

I like that idea and method of funding.

[@schumanhuman]

I totally agree with Yanis on UBI as a dividend, but I disagree with his framing somewhat. The roots of UBI come from Thomas Paine and to some extent Henry George, who both advocated a fund from land rents rather than 'capital'. It is true large corporations also have monopolistic rents largely from IP and networking effects, but even today they are dwarfed by land rents at a ratio of at least 10/1. Alaska have a type of UBI funded from land rents, in this case the excess profits oil producers get from advantageous extraction sites. Untapped oil is 'land' in economic terms. Expand this to residential, commercial and rural land, and you already have a large potential dividend to replace punitive welfare. Yes we need to look at regulating what may be to an extent natural monopolies like facebook, google etc and reform IP (and tax it's privilege as far as it cannot be eradicated at source) but I struggle to see why many are so fixated with these big tecs whose net worth combined is still only a tiny fraction vs global real estate and the financial sector which feeds off their rents.

[@maxwell4546]

It's great! So we don't die during the PANDEMIC. :D

[@roysmith5711]

Interesting idea. What will happen in a recession? When there is no capital gain?

[@cvc9220]

I see you've asked a question about UBI and no-one answers. Probably because it's easy to create ideas. Harder to prove the concept. Show me the mathematical proofs of how this works. My question is... If everyone is on this new baseline of income, how does it EFFECT the economy and inflation?

[@creatineenjoyer7345]

@@cvc9220 ubi would be great for poor people but it would have to take somehow from the rich to pay for it

[@Shurek23]

@@cvc9220 on the one hand, we just simply cannot know it before it happens, cause much of economy isn't really a science stricte. As an example, during covid pandemic there is a lot of different plans to keep the economic system going but no one can say with total confidence what will happen when the stimulus ends, will paper money hold it's value, will the inequalities between rich and poor grow or shrink, what will work look like in post pandemic world. On the other hand, this short video contains the amount of information that fits 4 minute youtube format. It is easy to find more information on this topic from Yanis, also when it comes to what can be done with stock market cycles

[@MsCheechy420]

Well when you get the banks and control and bring the power of creation of money back the government the way from private entities you will no longer have recessions recessions are tools used to accumulate physical assets and realistically should not be a thing

[@MsCheechy420]

@@creatineenjoyer7345 you're not wrong it would take from away from the rich and the elite and create a More Level Playing Field for everyone capitalism centralizes power and doesn't make it fair for the new players in the game further down the line

[@TheRamblingsofBry]

It is a great idea. Already the uk government are paying 80% of peoples wages as they self isolate, next step will be 100% for all.

[@WillyJunior]

No it won't.

[@sugarfree1894]

It would require a massive shift in collective politics to do ubi or ubd, even if it wasn't provided from direct taxation. There isn't even the will to get companies like google and amazon to pay the tax they owe under the current system. And, who would do the 'demeaning work'?

[@GregoryWonderwheel]

The subtitles totally screwed up what he says and makes it the opposite of what he really said. He said, "I personally don't believe it should come from taxation, and it shouldn't come from taxation for a number of reasons." BUT the subtitles ERRONEOUSLY remove the negatives and instead read "I personally believe it should come from taxation, and it should come from taxation for a number of reasons." A deaf person is given the wrong information about what Yanis is saying.

[@happygay8240]

When will we have this??

[@Bobo56Bear]

2050-2070 hopefully sooner, when AI and All the "Robots" Automatons preform all the menial task -----> See resourced based economy etc, Zietgiest :)

[@dostthouevenlogicbrethren1739]

Sounds like a great plan, if not for one major flaw: government and politicians. A global governance means a stronger power in the hands of a group of people unaccountable to anyone but themselves. Power corrupts. Absolute power corrupts absolutely.

[@squamish4244]

Feudal barons living on their scraps of land were a lot more brutal than massive governments today. And the most violent societies of all time had some of the least political structure. (Primitive agriculturalists.) Governments got bigger and less corrupt as democratic reforms were passed and checks and balances installed. It's not the...size that matters...it's how it is put together. Global governance of one form or another is coming anyway, as the problems we have can't be solved purely or even mostly on a national level. I mean, look at the monkey business that led to this shitstorm. Then global warming after we've fixed this.

[@shonsimpkins3915]

The idea of a public dividends is interesting. The majority of the current tax money goes to service the interest on national debt. Is the fed who receives the interest payments a private corporation - yes. Instead of allowing the fed to collect income taxes on private citizen's labor, which is arguably inhumane and some say illegal, we should tie the profitability of corporations (including the fed) directly to the economic health of the citizens of the country. Strong inflation control measures would have to be implemented, which means that the federal reserve would have to be re-situated or abolished completely so that the currency is not perpetually devalued through inflation of the money supply. UBI is meaningless if inflation takes all of the UBI's purchasing power. As it stands the fed is largely responsible for increasing inflation and lowering buying power. Why is global governance needed to provide UBI? I think fair trade agreements ( vs NAFTAs free trade agreements) would better serve our economy.

[@justindriskell9473]

I like it. But the first question that comes to mind is about global governance. How would we govern globally? Would we govern only economic issues or would we govern social issues as well?

[@mariesiebert3968]

Isn’t reducing the individual’s ability to make capital gains still a tax?

[@audriusmartinenas2365]

Its hard to separate from tax on profit..

[@h3nnnn3]

i basically agree. but taking a share of companies capital return will by far not be enough; in addition to that, we should cut back on taxing income from work (which discourages work) but instead should tax what actually causes disadvantages for society: consumption, heritage, land holding and pollution. in addition to that, we should reform the tax system for companies: instead of taxing profit (which is a fictional amount), we should tax business volume and grant them a tax free amount on a percentage of personnel costs. for example: a company pays 5% of its volume minus 10% of its personell costs. then we would have implemented a indirect machine tax and at the same time stopped companies from wasting money on useless stuff in order to avoid high amounts of taxes. posivive side effect: its very easy to administer. also: the dividend needs proper frames, like ... it must be enough to live from but not too much to get everyone lazy as crap. and maybe we should start to bill people for getting into prison. like, if they get 1000€ dividend they must pay like 600€ for room and board. long story short: implementing any form of UBI will only work, if we reform the entire tax system, health ensurance system and a lot more. its not an adjustment to our system but merely a main part of a new system that is yet to develop. we basically have to rethink everything concerning money, taxes and wealth/risk-distribution.

[@moffattF]

Isn't it ironic to describe someone who watches TV all day as WORKING class???

[@thevatican2424]

If the government is telling a stock holder or business or person they can’t have a portion of a equity I.e cash, stock, property, business… that’s a tax.

[@thstroyur]

Thinking about the problems of naïve UBI, I've independently chanced upon the name 'UBD' - with a different perspective, but the same general idea. I'm glad that other people have been thinking about those lines for a while; it gives me hope these new views on socioeconomics will be implemented in the future

[@KarusMBII]

Really interesting idea and definitely one many people would get behind.

[@albusprimus]

Free will is impossible. No one is in control of their actions. No one deserves credit or blame for anything. Rich people don't deserve their wealth.

[@Corteum]

Universal basic income is a brilliant idea'. And here's why --------- If we don't do it, we're screwed.

[@orecoast1]

UBI is a great idea but wont the market adjust? Why wont the price of everything go up a nickel effectively wiping out any personal gains of the UBI?

[@quintessenceSL]

Not really. Unless there is already a high degree of price fixing already, market participants are in competition with each other and people are free to use their UBI as they see fit. You don't hear of WIC recipients being priced out of the market because they received aid. And one person may use their income to go to school, another to move to a better job market. Very difficult for even an entire industry to capture a sizable portion of UBI with price increases if people are free not to buy your product. That said, how UBI is implemented IS important. Instead of some hypothetical fixed amount, it should be represented by a percentage of what an economy can produce (dividends in this example). Deficit spending is a no go, but most governments are already doing that without UBI.

[@Xeirus911]

No, because there's still capitalism and competition.

[@qhack]

Yes, because there's still capitalism and competition. Otherwise known as supply and demand. Give everybody X$ per month and overall inflation will rise to match. The fact that people don't understand how capitalism works really boggles my mind.

[@kylequest]

@@qhack It boggles my mind that you don't realize people are price sensitive. Also, that supply isn't fixed and there's already around a 20% surplus in global production capacity just waiting to be used.

[@pxrxy]

I like this man, his argument is very sound and well presented.

[@ericthomas513]

Revenue derived from Dividends is still a tax b/c it reduces the returns to individual stockholders, the vast majority of which are so via 401ks and other "retirement" accounts. while non-stockholders contribute (aka lose) nothing.

[@kevinstfort]

Considering that a good portion of the nation is not invested in the stock market but contribute to the benefit of companies, should they not be considered a shareholder? That’s the point he makes.

[@LisaCulton]

@@kevinstfort In the USA a good portion of the citizens *are* invested in the stock market. According to Statista dot com, it's 55% in 2020, but was as high as 65% in 2007.

[@mikejohnson9606]

Global country, this is ridiculous. No taxes and one Global country.

[@brianmelendy9844]

It will never happen. Large corporations and politicians are way too greedy.

[@4G12]

Until reality hits them on their collective heads.

[@BillFromTheHill100]

Greece? Take financial advice from Greece? Give me 2000 a month and I will never work again.

[@baller4621]

Thanks for leaving the workforce and pushing up wages then

[@BillFromTheHill100]

@@baller4621 Pay those taxes baby. There are better ways to help the poor. But really, humans like dogs prefer to get their lunch for free. Millions will relax at the beach if you buy them a hotdog.

[@timrichards2380]

In my experience 90+% of people are of the mind that they would not stop working. They just say it would make their lives easier, everyone getting a UBI would not change the fact that the vast majority of people do not want to be, or be seen to be lazy.

[@MirkoskjiVero]

@@timrichards2380 most of the people wants a job that does not look like slavery. If you had a safety net, like UBI, also employers would change their behaviour towards treatment of people. If you feel that you are contributing to your community or global welfare, you want to be part of it. People purged by current working systems are mostly those that cannot accept slavery dressed as work.

[@timrichards2380]

@The505Guys You say that now, but the dole gets old very fast and societal pressure will increase on you to contribute. You have the chance to try it now then, try to monetize what your good at. Why would you want to work? Because work gives your life meaning, and it doesn't have to be something you dislike. There's a lot of people out their that have to start again from the Covid impact. Your one of many man.

[@timmc8444]

first...the guy on the factory floor will ALSO get UBI...so he will be happy! Just as EVERYONE in Alaska get a dividend check...the good part of this program...those who dont WANT the UBI can give it to a chairty of there choice!

[@GregoryWonderwheel]

What Yanis is proposing comes directly from the ideas of Thomas Paine in his famous essay "Agrarian Justice" and from Adam Smith talking about ground-rents. Henry George, Bertrand Russell, Martin Luther King, Jr. all agree that the owner who has appropriated public assets for private wealth extraction acts as a monopolist and so should give back to the public a share of the profits from that monopolized public resource. Yanis has merely updated the proposal for a "ground-rent" in an agrarian society to the modern situation of the social resources society of Google, Amazon, Facebook, etc. Yanis has several other longer videos on this proposal which should also be viewed. But be alert that not all UBI proposals are the same as proposals that get the money by taxing the middle class come from the godfather of neoliberal capitalism Milton Friedman. These are not the populist proposals of Thomas Paine and Martin Luher King, Jr. and the socialist proposals of Varoufakis.

[@VinsLeMans]

I totally agree Yanis, collective production begets collective retribution

[@ShawnRavenfire]

I think the real (long term) purpose of UBI is the fact that eventually, nearly all jobs will be automated. The working class don't want to be out on the street due to obsolescence, and the ownership class don't want to go bankrupt due to lack of paying customers. UBI is a great idea so long as enough jobs still exist that a person who isn't willing to settle for a comfortable life of eating raman noodles in a one-room apartment, can go out, get a job (one of the many jobs left vacant by the people who choose to be lazy once UBI becomes available), and earn a better living for themselves. The bad news is that companies will gradually increase their use of automation, and as technology improves (which it definitely will), more and more jobs will be lost. Eventually, the only two jobs remaining will be artists (painters, actors, etc.) and owners (copyright holders, landlords, etc.). This means that the "good life" will be more readily available, but almost nobody will be able to afford it... unless... we do one of two things. We could either A, eliminate money altogether, and just program the machines to provide everything for free to anyone upon request, or B, adopt a merit-based income, such as if you do nothing, you get X dollars per week, but if you write a symphony, get a degree in astrophysics, get the top score in a video game (I don't know, I'm just spitballing here), or show some other level of personal accomplishment, then you get promoted to a higher income level. Neither is a perfect solution, so if you've got an option C, let me know.

[@KalibreSteelblast]

So I get more cash money if I win more Smash Ultimate matches online? Sign me the fuck up! ^___^ In all seriousness, you're right that there are problems and benefits to the system, which you've rightly pointed out. I don't think those issues are insurmountable, though the depths of human greed might be the hardest to overcome.

[@9kay]

Btw, automation is coming for creative jobs as well. Artists and musicians aren't safe either.

[@toxicrhythmz3718]

Word there is no way around it.

[@dm95422]

Never Gonna Happen. Too much corruption & greed in government that are beholden to big banks & wealthy shareholders.

[@michaelwojcicki3624]

"I exist, I deserve" a thinking that ensures the individual never becomes all they are capable of.

[@michaelblower7363]

Really or does it give them the tangible freedom to actually do and be what they want to be without having to grovel for it? People who want to develop their skills and work will do that and people who are lazy will be lazy regardless of the society they live in. In this day and age, we are able to live longer and healthier than anyone before us. We have technology and innovations which can perform tasks more diligently and efficiently, releasing people from having to do demeaning work. So why not embrace these great achievements, intended to help people, and get out of this archaic "suffer for scraps" attitude and start to value the enjoyment of life over winning the Rat Race.

[@michaelwojcicki3624]

@@michaelblower7363 With that logic "Public assistance leisure=high achievement ".

[@michaelblower7363]

@@michaelwojcicki3624 Well... what do we live for, if not to make less difficult for each other?

[@michaelwojcicki3624]

@@michaelblower7363 Not for the plumber, trucker, dinner owner to work for those able bodied but lacking in drive and/or direction.

[@Saberwolves84]

Actually it would do the opposite when people do not have to worry about basic needs they are free to explore what they do well

[@OdditiesandRarities]

The word that he failed to mention that is key to this whole discussion is: INCENTIVES.

[@xenos_n.]

Not being able to survive isn't an incentive to work, it's an incentive for drug abuse and suicide.

[@fgregerfeaxcwfeffece]

@@xenos_n. You forgot lie, steal, cheat, and survive. Ordered by quantity and likeliness.

[@OdditiesandRarities]

@@xenos_n. Not being able to survive doesn't lead to drug abuse. You wouldn't be able to afford drugs if you coudlnt afford food to survive! In fact they say that poverty is what stops a lot of addicts from over dosing. They can't Afford to take a lethal dose. As they say, poverty preserves.

[@TheDaken]

Listening to what this guy has to say just brings the agenda into focus. Global government, universal income theres a term used for this it's called the new world order.. conspiracy theorist stereotype I know but here's why. Everything has a cause and effect, this virus being released crashed the market and put alot of people out of work. People start becoming concerned about what they are going to do and then in comes this guy with his solution? How convenient... if you give people a basic income you strip them "or at least a large group of people" of their desire to better themselves. You have ushered in socialism and put a cap on what we can as a society can achieve in the pursuit of financial stability. Welcome to the lifestyle of the Chinese factory worker or that of the worker in England's industrial revolution where you have children working in factories 🤔 just like China today...

[@ExtantFrodo2]

Incentives? Yes, Darwinian evolution economics has fostered innovations that serfdom and slavery never did. Who's to say the cost is greater (or isn't). BUT who's to say that UBI couldn't do even better? What happens when you abandon incentive to hoard information behind paywalls? What happens to the incentive to do a thing just because it is a good thing to do rather than having to do it because you need the money. Doesn't that make it seem cheap and petty? What happens to the incentive to do a thing that you like, but you don't have time because you need to make a living. Have you ever wondered how the world got so drab? Where's all the art?

[@Samulisami]

How about we delete money all together. Money does nothing. People do everything! People please look into Contributionism!

[@williamjacobs1312]

Baker's problem....

[@coolioso808]

It's true, money is a construct we humans made up and it doesn't actually do anything, it is the humans that create things. I'm in favor of some sort of a resource-based economy not using money. But, that said, a UBI would be a great way to give everybody a floor of basic needs to stand on and then allow for a transition towards a moneyless system. I can't wait for the first country to fully institute UBI and start a tidal wave of other nations joining in. The 1% have been coddled long enough (even Warren Buffett says so), they can spare it.

[@moffattF]

The idea of “demeaning work” surely is relative. Fine, if such work is not essential, but otherwise who is supposed to do it?

[@sderoski1]

Global regulations, for example child labor, makes complete sense to me, or for another example, nuclear weapons, the UN has never had the power to enforce resolutions, that needs to change because of the threat of climate change

[@HeyCharlieBrown]

Yang Gang Yang 2024 💯

[@lavoisier2815]

We should have a UBI the United States is a Corporation and we are its Shareholders so when you are given a dividend you are just getting back your share of what you have put in. We can afford it because all we do is Print Money. Our money has no intrinsic value. What we have is a Fiat Currency. Everyone should get the dividend Rich or Poor it Shouldn't be seen as a Wealth Transfer. It is a brilliant idea. I'm not for a Universal Government.

[@djri2984]

This universal basic dividend idea sounds as something with almost same effect as dividend tax (in case goverment doesnt regulate amounts of dividents)

[@sizor3ds]

Why pay people not to work? There’s tons of work to be done: Repairing infrastructure, restoring ecosystems, sorting garbage, recycling, feeding the hungry with our surplus food, harvesting unprofitable crops, etc. There’s so much work to be done to save the planet. Why not guarantee employment, and put the able-bodied to work on saving our planet?

[@Z1BABOUINOS]

*IF* UBI is set on a REAL living wage (and not the minimum wage), *IF* UBI is automatically adjusted for inflation, at least annually, and *IF* it is included in the constitution (no just as a law than any gov can easily change) *THEN,* maybe, it's worth considering. IF any of the above 3 is absent, it will work as justification of poverty for the lower class. Funding is a thorny problem with many potential solutions.

[@antoniobertone7589]

Then we're headed for communism.... Even if all there are met.

[@ashthegreat1]

you forgot IF it is not paid for with debt.

[@Z1BABOUINOS]

@@ashthegreat1 No, I didn't. You, forgot to press "Read more" for the funding part.

[@nazmulfaisal3692]

I agree with it

[@westvirginiaglutenfreepepp7006]

I think that this argument is a great addition to the conversation.

[@matthylkema2717]

He said "pay a living wage to Mexican workers" umm....if they have UBI there not working....

[@flipgurujn]

If we had ubi years ago the economic impact of the pandemic would've been much smaller.

[@MrMartinBigger]

I entirely agree with you point on UBI, but you didn't have to wrap global governance in there.

[@TheDaken]

Listening to what this guy has to say just brings the agenda into focus. Global government, universal income theres a term used for this it's called the new world order.. conspiracy theorist stereotype I know but here's why. Everything has a cause and effect, this virus being released crashed the market and put alot of people out of work. People start becoming concerned about what they are going to do and then in comes this guy with his solution? How convenient... if you give people a basic income you strip them "or at least a large group of people" of their desire to better themselves. You have ushered in socialism and put a cap on what we can as a society can achieve in the pursuit of financial stability. Welcome to the lifestyle of the Chinese factory worker or that of the worker in England's industrial revolution where you have children working in factories 🤔 just like China today...

[@johnbuckner2828]

I'm not sure what his endgame is with the global governance, but concentrated power on a world scale should terrify everybody. The purpose of UBI is to bring money back home to strengthen the family and community in this new age of global corporatism, wage stagnation and trickle out economy. Strong families and communities will make a stronger and healthier country. Replacing the income tax brackets with a logarithmic tax, and the implementation of a VAT ought to go into the coffers & to the citizens of the country where the labor & consumption was done, from the time it was loaded or unloaded from said country's import/export ship, not into some world Treasury to be redistributed worldwide; that would just be some Marxist bleed off from rich countries into poor countries and it would fail.

[@howtheworldworks3]

If you had half a brain to use, you would realize that a global government is exactly the only way UBI would work. And spare me all the new world order bullshit. It's all crap invented by dumb people and supported by the most rich to keep dumb people divided. A world government would actually end this bullshit inequality by putting a 10 million max wealth or something like this.

[@paulschick7571]

FunkyMcNasty please explain to me how a basic income of around 12000 per year or a 1000 per month would make people not want to work or not want to better themselves. That’s below the poverty line. Why would someone not work to get 12000 a year and not be able to pay for anything other than food, and maybe a car payment when they could go get a job and double the money they have? And don’t say people would just group up and pay for their stuff collectively, if you had a group of 4 people living together and are working right now but are still having a kinda hard time paying for all their bills, not working and getting less money wouldn’t work out.

[@robertheins1749]

De Nederlandse politiek is als een veelvraat hun honger naar geld is groter dan dan het oog voor bevolking.

[@rongants6082]

The assertion that UBI will replace welfare is risible.

[@MrPDTaylor]

How do you justify this argument for companies in which the vast majority of people don't have any involvement?

[@thanasisv190]

What companies would those be?

[@chrisf84]

@@thanasisv190 Exaclty. EVERY company relies on the community to support it in some way(s). Even if it's the community supported military/police/legal system that protects it.

[@shree711]

How would they decide which companies pay? What if some companies are not profitable? And each company has different profitability. Also, a central theme of investing is to buy companies due to the value of their future income and potential dividend payments. If dividends are to be paid to the general public as UBI, what is the point of an investor investing in such companies?

[@charliemarsh9625]

He is against the EU but in favour of Global Governance. Have I missed something here?

[@JerrySeriatos]

george soros

[@WarcraftIsForVirgins]

It’s a fantastic and practical idea. On disability pension 90% of my pension goes to making my landlord and hydro company richer. If i had let’s say $2000 per month instead of $1200 I’d become a consumer. I’d be able to buy what i need when i need it snd not have to save for a year. Health wise I’d be able to afford healthier food to eat. No more processed garbage. I’d be able to afford vet bills meaning I’d be able to afford a pet. We all know a pet is a positive for ones well being. There’s are so many other benefits for not only me but the local economy as well. Anyway that’s my $0.02

[@ghostdancerinthemachine]

I like what Yanis feels, but he relies on the capitalist model to supply it. Without regulation, his UBI would be siphoned off to private profits. Google, to use his example, would soon find ways of clawing back the dividend it was made to surrender, for example. It would have to to maximise profit, which it what it exists to do. We have to remove any desire or requirement for profit. This is the crux. Profit is ultimately toxic for society because it guarantees inequalities.

[@keithhurley4317]

So, now you're talking about the elusive "we." We, made up of every individual drawing breath. I'm all for increased standard of living for humanity. Here is the challenge for those who agree. Crafting an all inclusive system that the individual would choose to opt into.

[@ufkun20]

I guess that depends on the respective country and society you live in, it's hard to imagine this going on in America where individualism is the dominating sense within a society but in more collective societies this could very well work

[@chibuzornwogu770]

There is a problem here. The idea that capital is socially produced doesn't apply to the large majority of companies and in the case of small businesses, it's almost never the case. This idea may be true in the case of Google but it's an outlier not a norm, and you can't use this concept to justify the arbitrary seizure of dividends from all companies and SMEs in the economy, most of which do not benefit from social capitalization in any way. Secondly global governance is the surest path to tyranny in my opinion. An Orwellian global surveillance state is undeniably the direction in which the world seems to be going. This is currently the biggest threat to the freedom, liberty and emancipation of all people and it needs to be opposed and prevented in favor of decentralized rule and limited government, or the future generations will be slaves all over again.

[@adambram]

UBI should be a tool used by the central banks. The central banks try to stimulate the economy by lowering interest rates and QE (quantitative easing). The problem is a government gets gridlocked and cannot allocate stimulus effectively. UBI would bypass the government and keep cash flowing within an economy.

[@hansgruber3045]

There are only a few types of jobs that really are needed. Farming is one...some construction....the rest can be automated...oh, and maintenance.

[@KevinBGreen]

Universal basic income is going to be a necessity in the near future for sure. There are serious problems with simply handing out checks from the government unfortunately. There is a simple solution to basic income however. If basic income is run through the free market it can safely and effectively be created. In the first episode of my podcast The Kevin B. Green Show we discuss my solution to this problem. Free market basic income is truly the solution to the problem. If your interested in the concept of basic income and optimistic that it can be implemented and used to end poverty check out my first episode. The Kevin B. Green Show episode 1: The solution to basic income

[@KevinBGreen]

@@SAM-ft9jd I'm sorry but I don't quite see how that relates to my comment. The idea I'm talking about is a new concept I created to best solve the problems with current UBI models.

[@SAM-ft9jd]

@@KevinBGreen sorry the reply was a mistake. Thought I was responding to another user😅

[@KevinBGreen]

@@SAM-ft9jd 😂 ok, that makes sense!

[@tobiaszb]

UBI for the climate justice or just to live nicely with each other.

[@brittney3156]

Not to mention lots of people freed up to care for our elderly population.

[@Bucks7542]

I’m literally taking the 1200 dollars I got and paying for school. The fact that we don’t have ubi is crazy. I’m working part time. If I get another check it will help pay for another semester. This isn’t a right or left wing policy, this is a American policy. It’s a good one and we should do it

[@zachb1706]

It’s a left wing policy, and good on you paying for school. By you working you are providing to the economy, if you just hit a free payout you are providing nothing while getting paid for it - that’s hurting the economy

[@1957Dirogo]

And they need to cap salaries of publicly traded companies CEOs. No one needs $40 million a year.

[@tclem14]

And personal wealth once exceeding one hundred million you must sponsor a family directly

[@gorioecho9789]

@@tclem14 - they actually already sponsor 'multiple' families - people who have wealth exceeding $100m employ many people, supporting many families - next

[@Norbzz11]

@@gorioecho9789 for millions, that's barely the case.

[@jgdooley2003]

@@gorioecho9789 There was a time when rich people did employ and support whole towns and villages and there was an ethos called "noblesse oblige" in which the nobility felt they owed an obligation to employ and develop the people living near them and give them a livelihood. Guilds set standards in quality pricing and wage rates which brought stability and sanity to the mediaeval marketplace. These customs and systems are long gone, replaced by a globalised free for all where large numbers of jobs are being displaced by casualised labour and the "gig" economy and increasing insecurity in the few jobs left. There is an increasing awareness of how bad working conditions are for those totally dependent on the super-rich for their livelihoods. At least the existence of UBI would take lifes basic necessities out of the bargaining table of the employer/employee relationship.

[@gorioecho9789]

@@jgdooley2003 - UBI is a fantasy, little more than a redistribution model - bad working conditions are little more than whiny perception in the US, ...didn't come here to give my 'earnings' away - it's not a negotiation, no bargaining chips, 'open market', employer offers 'specific' terms, and you get to say yes or no - simple

[@Scarletpooky]

I'm surprised how many people have been hooked on the propaganda that helping the poor is a bad thing to do. It's not just good for the poor but it's actually good for the economy as a whole. People who don't have much money spend all of it just surviving. People with a little more spend more for nicer things. People with even more suddenly have spare cash for savings. The rich have so much money that they can buy anything they want and still have millions sat in bank accounts. If you give money to the rich all they'll do is shove it in the bank, they already have all the money they need to do hat they want. But the poor are another thing entirely . If you make sure the poor have a decent amount of money what do you think will happen? If they have money they will spend money. If they spend money they need things to spend money on. That increased demand must be met by increased supply. Increased supply means increased jobs to manufacture, transport, and sell those goods. So making sure the poor have a basic standard of living increases the amount of money being spent, the amount of goods being produced, the amount of jobs created, and the amount of profit being made. How on earth can anyone think that's a bad idea? Everybody gains, not just the poor but the new workers and the business owners too.

[@anime36O]

I really like this vision, but I don't think our planet has the resources to support a global economy were every person on the planet has the same luxury like the 20% of the population has right now. But i do believe every one shut have equal rights and a opportunity for happiness. But again, i don't believe it's possible in our current economy. Basic income is great concept, but it just the start for radical change, change which will produce new winners and losers.

[@ivangohome]

The bad "big brother" theme was always pretty big with youngsters and idealists.

[@SymmetricalDocking]

It hurts your point when you have zero idea what the wealthy do when they get more money. They don't just put it in their Scrooge McDuck swimming pool.

[@javierjp8549]

We need a UBI funded by dividends. For example, Google..... google pays no dividends!

[@jakeols2788]

where do you think the money is going to come from ?

[@Felewin]

I love Andrew Yang

[@rockndancenroll]

yang was right

[@_b-e-n_]

It's just a shame he sold out and endorsed Biden before taking a cushty position at CNN

[@nerif2849]

Incorrect.

[@joker-pilled5892]

@@_b-e-n_ SeLlOuT!!!!

[@_b-e-n_]

@@joker-pilled5892 how would you describe it?

[@modernmind5872]

Anybody who says UBI cannot be done is only pretending to understand economics.

[@mattfm101]

Who said anything about understanding economics? What about understanding people and their motivations?

[@drmadjdsadjadi]

This is still taxation. It is just taxation of the returns to capital. However, since money is fungible and capital returns are far more volatile than returns to labor, this proposal is also a parlor trick. Sorry, but UBI needs to be paid out of general tax revenue , which means it is going to be paid by everyone from the owners of capital to the workers as well.