I like the idea of a Universal Basic Income but running the numbers is eye opening:
£1,500 ~= $2,274
$2,274/person/mo * 12 mo/yr * 300,000,000 people = $8,186,400,000,000/yr. $8 trillion a year to provide that level of UBI to all 300,000,000ish Americans.
The GDP is something like $14 trillion. We're talking about 60% of the GDP being redistributed. That will work really well... especially when the GDP drops by about a third, which will surely happen.
Subtract 2 - 3 trillion worth of welfare, unemployment benefits, the minimum wage, social security, etc and it suddenly starts looking feasible. Expensive, yes, but feasible.
Please help me understand this. You promise to pay someone $x, but you will only pay $x-90%(say $y)
The person receiving $y is actually getting it from the very taxes they pay. So essentially what you are giving them is a tax discount. Except in cases where a person makes $0, for which you have social security anyway.
So this is basically a tax discount? You could simply say based on their income some a% of tax discount will be offered every year.
£1,500 ~= $2,274
$2,274/person/mo * 12 mo/yr * 300,000,000 people = $8,186,400,000,000/yr. $8 trillion a year to provide that level of UBI to all 300,000,000ish Americans.
Not an inconsequential amount of money!