A Quote by Abhijit Banerjee
A universal cash transfer in the form of a minimum guaranteed income would mean that automatically everyone has something to fall back on without having to deal with the vagaries of their local panchayat.
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The transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.
I know that there are many excellent arguments for a universal form of basic income. Since everyone would get it, it would remove the stigma that dogs recipients of assistance and 'entitlements'.
We've been lucky. Even as a young, local-level band, we were able to rise out of the local scene without having any debt, without having signed the wrong deal with the wrong manager or the wrong booker or a small label.
A universal basic income means not only that millions of people would receive unconditional cash payments, but also that millions of people would have to cough up thousands more in taxes to fund it. This will make basic income politically a harder sell.
Equality of opportunity is not enough. Unless we create an environment where everyone is guaranteed some minimum capabilities through some guarantee of minimum income, education, and healthcare, we cannot say that we have fair competition. When some people have to run a 100 metre race with sandbags on their legs, the fact that no one is allowed to have a head start does not make the race fair. Equality of opportunity is absolutely necessary but not sufficient in building a genuinely fair and efficient society.
I see negotiations as an honest attempt to reach a deal that's great for everyone at the table. But sometimes, for whatever reason, that's impossible. You need to accept that possibility-don't make a deal for the sake of making a deal. If you do, chances are it will fall apart later anyway, with costs and headaches for everyone involved. And once you walk away, don't come back.
Expanding the EITC can get us close to a universal basic minimum income.
By tying minimum wage to money supply, the poor's income would rise and fall with the rise and fall in money supply.
One thing I've learned is that the audience not only wants to be talked to but they also like to talk back. Maybe that's not a universal thing but people at my shows always have something to say. I love it because it encourages the spirit of having a good time together and it takes the show to places that I wouldn't be able to take it without their participation. The show becomes something that we're all working on together. That sounds really cheesy but I mean it.
All taxes, except a 'lump-sum tax,' introduce distortions in the economy. But no government can impose a lump-sum tax - the same amount for everyone regardless of their income or expenditures - because it would fall heaviest on those with less income, and it would grind the poor, who might be unable to pay it at all.
Giving something back is a huge deal. You'll notice every successful athlete uses that at some point in his career during an interview. "I'm gonna give something back. Gotta give something back to the community." "Yaaaay! Right on!" People just fall for it. It's a necessary inclusion.
A universal basic income would be the best way to give everyone the opportunity to do more unpaid but incredibly important work, such as caring for children and the elderly.
If you had a basic income, it would mean that everybody would have a base on top of which their earned income would be taxed at the standard rate of tax. That would increase the incentive to take low-wage jobs.
Modern government has become a universal transfer agency that utilizes the political process for distributing vast measures of income and wealth. It preys on millions of victims in order to allocate valuable goods and services to its beneficiaries.
Especially for the young and the lowest-skilled, minimum wage becomes a toll that prevents many from entering the work force and gaining the skills that can make a low income or middle class worker a high income worker. This is so obvious that one wonders why liberals keep championing the minimum wage cause.
The best tool today is longevity insurance - they call it income insurance. Most people know the value of life insurance. But what if you live? So instead of trying to guess one or the other, you plan for those 20 years and you get this income insurance. If you live beyond 85, you have money that's guaranteed for as long as you live in the form of an annuity.
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