~225M Americans 20+ years of age * $12,000 = ~2.7T.
As a point of reference that's around 15-16% of GDP.
It's also about 90% of current US gov't income or 80% of US gov't expenditures.
In other words it's really fucking expensive! I'm not saying the math is impossible but the conspicuous absence of details from most people saying it's a good idea is pretty telling.
Over 50% of government expenditure is on social security, medicare, medicaid, welfare, and other social services. A large percentage of that is inefficient and wasted. If you implemented UBI, you could get rid of all of that. Sure, the cost may be 80% of the current spend; but you could eliminate over 50% of it. What's left is a 30% increase in federal taxes.
Right now, I pay close to 50% in taxes living in SF in one of the top tax brackets. I imagine state taxes would go down as a result of UBI too. I despise the fact that 90+% of my taxes go to things I don't believe it. That said,I'd be glad to pay the 50-60% taxes if I knew it went to a basic income. And if I knew that it insured that if I ever lost everything, I'd have enough to survive with some dignity.
> Over 50% of government expenditure is on social security, medicare, medicaid, welfare, and other social services.
This is wrong (unless your definition of social services is broad enough to include things like schools and I doubt you want to dismantle the public education system).
> A large percentage of that is inefficient and wasted.
This is also wrong. Social Security is a direct cash transfer and Medicare and Medicaid are among the most efficient insurance programs in the world.
> I imagine state taxes would go down as a result of UBI too.
Sometimes I like to imagine a world of dragons and unicorns. But then I wake up and resume living in the real world.
There was no such analysis in what I responded to, nor anywhere else by him when I typed it. (Not sure there is even now.) Am I supposed to read his mind?
