The problem with universal basic income is that none of the ways to pay for it are palatable. Let’s assume for instance that we want a UBI of something like 20% of per capita gdp. Either we (a) cut spending from existing government programs or (b) raise taxes.
It is often suggested that the UBI can replace existing social welfare programs and save money in the long run by cutting out administration costs. First, administration costs are already quite low, social security administration costs in the US for example are usually around 2-3% of total outlays and there is no […]
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