Robert Gehl reports that liberals have now decided Americans need to follow the European Socialist suggestion of a Universal Basic Income.
This year, despite opposition from every political party – even the Socialists – voters in Switzerland will decide on a guaranteed basic income for all Swiss of about $2,400 per month.
This is an idiotic suggestion on so many levels.
Most importantly, this would require a massive tax increase on business and the wealthy. If you’re going to just hand tens of thousands of dollars to every adult in the country, the money has to come from somewhere. And that somewhere is pretty much anybody making over $2,400 per month (or $28,00 per year). Great idea if you want everybody to be equally poor.
One of the biggest problems with a “universal basic income” is that it must be tied to something – like inflation. That way, it increases every year as the cost of goods and services goes up. To not do that defeats the point.
So what happens when the income is tied to inflation and inflation goes up? It would bankrupt the country and destroy the economy.
Finally, the “free riders” argument is inescapable. Most economists agree that people would continue working (albeit a much lower wages), but some – perhaps many – would decide to quit their jobs and life off their money. What happens when they turn into deadbeats? Or drug addicts? Or homeless? Are we going to shell out more money to pay for them because they used their free money to spiral into that lifestyle in the first place?
In Switzerland, even the Socialists are against the idea, calling it “the most dangerous and harmful initiative that has ever been submitted.” The Liberal party calls it a “cocked hand grenade that threatens to tear the whole system to pieces,” and the center-right party calls it insane.
This is what the American Left thinks is a great idea.
H/T: Young Conservatives