The man who trades freedom for security does not deserve nor will he ever receive either. – Benjamin Franklin
– Martin Armstrong Slams ‘Universal Basic Income’ Supporters:
“The last thing you want to do in society is provide to the population some sort of guaranteed income where people can stay home and do nothing… it will promote hatred and class warfare.“
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– A Radical Critique of Universal Basic Income:
This critique reveals the unintended consequences of UBI.
Readers have been asking me what I thought of Universal Basic Income (UBI) as the solution to the systemic problem of jobs being replaced by automation. To answer this question, I realized I had to start by taking a fresh look at work and its role in human life and society. And since UBI is fundamentally a distribution of money, I also needed to take a fresh look at our system of money.
That led to a radical critique of Universal Basic Income (UBI) and an outline for a much more sustainable and just system of money and work than we have now. To adequately explore these critical topics, I ended up writing a 50,000 word book, Money and Work Unchained.
Read moreCharles Hugh Smith: A Radical Critique of Universal Basic Income
– Guaranteed Income and Living Wage Schemes Cannot Possibly Work:
Facebook founder Mark Zuckerberg Supports Universal Basic Income.
In its basic form, universal basic income means “everyone gets a paycheck, whether they have a job or not.”
Many expect even more. They want a guaranteed “living wage”.
Useless Trials
Such schemes cannot possibly work. But that does not stop fools from trying.
For example, Finland is giving out a guaranteed monthly income of nearly $600 to 2,000 citizens.
Canada’s province of Ontario, which includes Toronto, started a pilot program in April that provides 4,000 citizens with an unconditional income of about $12,600 a year. Applicants must be between ages 18 and 64 and living on a limited income.
Those studies cannot prove anything, no matter what the results.
Read moreGuaranteed Income and Living Wage Schemes Cannot Possibly Work