I should add, this is, in fact, a socialist distribution of wealth scheme. That money must come from somewhere if it is not to be inflationary, and it comes from taxes on incomes and properties. The benefit to society and the economy should far outweigh the cost. Those with investments will benefit from the broader base of lower-middle class income to spend money with the companies they are invested with. Those with high income will benefit from a stronger economy supported by the middle class. Those with property will benefit from the reduction in crime, homelessness, poverty, and generally improved social environment.
The only downside is the reduced incentive to work. That is real. Many who are now employed may choose not to work, which will increase wages for those who choose to work and reduce involuntary unemployment, which will be on the rise regardless as automation reduces the need for unskilled labor. There is more incentive to work when everyone, employed or unemployed, receives the same minimum income rather than the current situation, where working only earns the differential between unemployment and wages.
Unemployment will likely reach 25% in the next 30 years due to increased economic efficiencies, regardless of whether we have a means of supporting the unemployed.
The only downside is the reduced incentive to work. That is real. Many who are now employed may choose not to work, which will increase wages for those who choose to work and reduce involuntary unemployment, which will be on the rise regardless as automation reduces the need for unskilled labor. There is more incentive to work when everyone, employed or unemployed, receives the same minimum income rather than the current situation, where working only earns the differential between unemployment and wages.
Unemployment will likely reach 25% in the next 30 years due to increased economic efficiencies, regardless of whether we have a means of supporting the unemployed.