March 19, 2019
Guaranteed Minimum Income is Social Security for all
Timothy Birdnow
So Beat-'em "Sargent" O'Rourke is onboard with guaranteed basic income. The Democrats are now largely onboard with this scheme.
I ask one simple question; how long is Social Security going to last? According to CNN, Social Security will have to start reducing benefits in 2034.
Essentially, what guaranteed income is is Social Security for all, not just for old people.
What could go wrong with that?
In 1962 Conservative economist Frederich Hayek supported Guaranteed Basic Income. Why? It was Hayek's idea that it be used to REPLACE the innumerable welfare programs and entitlements; just get rid of them all and give everyone one payment, period. That would never work, of course, because there are those who would still be unwilling to work more than the basic income, and those social safety net programs would remain in place. This would be an extra entitlement, not a replacement.
From Hayek's "The Public Sector and the Private Sector" in "Law, Legislation and Liberty, Volume 3: The Political Order of a Free People":
In other words, he wanted to end the eternal hands in the pockets of the productive. He figured one set payment would limit that. But he would be wrong if he actually believed that, which I suspect he did not. I suspect he was brain storming. It's like I would support Reparations for slavery if it would be the end of the handouts. But it wouldn't be.
Guaranteed Basic Income is like socialized medicine; it insures everyone but gives no-one anything worthwhile. And, of course, people will figure out how to scam this system quite easily. Identity theft is already a major problem in America; how much worse will it be with this crazy scheme? And this is a scheme to redistribute wealth, thus slowing economic growth. And, of course, sooner or later there will be talk of "the rich don't need this".
Social Security has led to the public not saving for retirement, not worrying about the future. How much worse will it be when everyone gets it.
So Beat-'em "Sargent" O'Rourke is onboard with guaranteed basic income. The Democrats are now largely onboard with this scheme.
I ask one simple question; how long is Social Security going to last? According to CNN, Social Security will have to start reducing benefits in 2034.
Essentially, what guaranteed income is is Social Security for all, not just for old people.
What could go wrong with that?
In 1962 Conservative economist Frederich Hayek supported Guaranteed Basic Income. Why? It was Hayek's idea that it be used to REPLACE the innumerable welfare programs and entitlements; just get rid of them all and give everyone one payment, period. That would never work, of course, because there are those who would still be unwilling to work more than the basic income, and those social safety net programs would remain in place. This would be an extra entitlement, not a replacement.
From Hayek's "The Public Sector and the Private Sector" in "Law, Legislation and Liberty, Volume 3: The Political Order of a Free People":
The assurance of a certain minimum income for everyone, or a sort of floor below which nobody need fall even when he is unable to provide for himself, appears not only to be a wholly legitimate protection against a risk common to all, but a necessary part of the Great Society in which the individual no longer has specific claims on the members of the particular small group into which he was born.
In other words, he wanted to end the eternal hands in the pockets of the productive. He figured one set payment would limit that. But he would be wrong if he actually believed that, which I suspect he did not. I suspect he was brain storming. It's like I would support Reparations for slavery if it would be the end of the handouts. But it wouldn't be.
Guaranteed Basic Income is like socialized medicine; it insures everyone but gives no-one anything worthwhile. And, of course, people will figure out how to scam this system quite easily. Identity theft is already a major problem in America; how much worse will it be with this crazy scheme? And this is a scheme to redistribute wealth, thus slowing economic growth. And, of course, sooner or later there will be talk of "the rich don't need this".
Social Security has led to the public not saving for retirement, not worrying about the future. How much worse will it be when everyone gets it.
Posted by: Timothy Birdnow at
11:31 AM
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