I think what he means is if you give some one $1000 for free, they will only do a job that pays say $2000.
Because people want more salaries, it costs more to produce/service a thing. Therefore you have to sell your products/services at a higher prices. Now the $1000 you gave for free is less valuable.
Now come to think of this if your $1000 is less valuable. How much is $26 trillion worth debt valuable now? The people to whom the debt is owed are screwed.
Also once you do this you will have a hard time raising money next time when you need it.
Basically. Things like UBI aim to be the 'perpetual motion' equivalent of economics. The fundamental problem seems to be you can't pull anything out of nothingness.
Because people want more salaries, it costs more to produce/service a thing. Therefore you have to sell your products/services at a higher prices. Now the $1000 you gave for free is less valuable.
Now come to think of this if your $1000 is less valuable. How much is $26 trillion worth debt valuable now? The people to whom the debt is owed are screwed.
Also once you do this you will have a hard time raising money next time when you need it.
Basically. Things like UBI aim to be the 'perpetual motion' equivalent of economics. The fundamental problem seems to be you can't pull anything out of nothingness.