General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsWhy one man thinks the US government should pay citizens $1,000 a month (ex-SEIU President)
http://www.msn.com/en-us/money/markets/why-one-man-thinks-the-us-government-should-pay-citizens-dollar1000-a-month/ar-AAhh5mM?ocid=spartandhpOne former union boss has a bold idea on how to ensure economic stability in the U.S. give every citizen $1,000 a month.
While the idea of a Universal Basic Income (UBI) is not necessarily a new one, Andy Stern believes his plan is important now because of "tectonic shifts" in the labor market that will see more and more workers replaced by robots.
"In order to make sure that everyone has a floor something they can't fall below, that we end poverty once and for all let's give everyone a check," the former president of the Service Employees International Union said in a recent interview with CNBC's "Power Lunch."
Income inequality continues to be one of the urgent topics in the public discourse. There were 46.7 million people living in poverty in 2014, according to the latest data from U.S. Census Bureau. The poverty threshold was $12,331 a year for an individual under 65 and $15,871 for a two-adult household during that time.
video at link
Travis_0004
(5,417 posts)Thats 300 billion dollars a month.
Thats 3.6 trillion a year if my math is all correct. The US budget is about 3.8 trillion. So this would require doubling the US budget. Where is that money going to come from?
RobertEarl
(13,685 posts)Where does that money go?
It all gets recycled. And each time it moves, taxes are paid. The net negatives could be close to zero.
The2ndWheel
(7,947 posts)The abstract human imagination.
Chathamization
(1,638 posts)to be tilted so that the wealthy pay more and it's going to be consistent. So when you're making nothing, you get $1,000 a month and don't pay any extra taxes. When you're making $30,000 a year, you're getting $1,000 but you're taxes are $450/mo higher than now, so you're net increase is $550 a month. If you're making $150,000, you're getting $1000 but your taxes are $1550/mo higher, so you have a net decrease of $550 a month.
You can play with the exact numbers, but it would be something like that. There are numerous benefits. Canada found that it lead to more parents staying at home with their newborn children (they didn't feel forced to leave them to return to work), students focusing on their studies more (less of a need to put studies aside to support their family), etc. No one would ever be in a situation where there income suddenly stops.
pangaia
(24,324 posts)Trust Buster
(7,299 posts)liberal N proud
(60,334 posts)Travis_0004
(5,417 posts)GDP would easily double.
Only problem with that is it would all be due to inflation, which would hurt american businesses and make imports cheaper, we would see the national debt go up at unsustainable levels, and that 1,000 a month might not even get the the basics with hyperinflation.
Other than that, yeah, it would be awesome.
Thinkingabout
(30,058 posts)thousand dollars a month
JesterCS
(1,827 posts)Stop paying tax incentives to multi-billion dollar profit companies. We'd have money to spare
Thinkingabout
(30,058 posts)A month will take this type of taxes. We know the rich does not pay their fair share as Trump does not release his tax returns, Sanders released a summary, he paid less than 10%, and he is in the top 6% of wage earners. With the richer paying this rate there will not be $1000 per citizen a month. I would expect a union person to know this.
Chathamization
(1,638 posts)Article on Y Combinator's upcoming research.
It's a great idea. Canada did experiments with it in the 70's which seem to have had pretty positive results.
Reter
(2,188 posts)Wait a second, would Trump be getting $1,000 a month too?