Nobody said it had to be over $2500/month?
Comment on Modern Monetary Theory: Musk Edition
Blue_Morpho@lemmy.world 2 weeks agoHow do you get UBI without issuing checks from the Treasury. There isn’t enough tax money that can be taken from Billionaires to sustain UBI.
Not just tax, but take every penny of every Billionaire in the US. Net worth of all US billionaires is 8.4 Trillion.
270 million US adults.
= 31k per person. Once.
That’s 31k one time. Then there is no money for next year.
Catoblepas@lemmy.blahaj.zone 2 weeks ago
Blue_Morpho@lemmy.world 2 weeks ago
Minimum wage in many US cities is $15/hr which is $30k/year.
Even at federal minimum wage of $7.50, that means not just taxing Billionaires at 100% but taking everything will give you 2 years of UBI before there is no money.
Catoblepas@lemmy.blahaj.zone 2 weeks ago
Minimum wage in many US cities is $15/hr which is $30k/year.
So? UBI isn’t a wage for work. It could be $300/month and that would still be a huge boon to struggling people.
Blue_Morpho@lemmy.world 2 weeks ago
The UBI baseline is supposed to be $12000 per year. The premise is it covers food and shelter.
UnderpantsWeevil@lemmy.world 2 weeks ago
The productive capacity of the accumulated capital owned by US billionaires exceeds $31k/person/year.
The “Net Worth” figure is deceiving, because it’s the exchange value and not the use value. Sitting on tens of millions of vacant real estate units, many of which are underwater on their purchase price, shows up as far less on an individual balance sheet than the material benefit of not being homeless accrues to a homeowner.
Blue_Morpho@lemmy.world 2 weeks ago
If that was true then taking all their capital and distributing it would be more than $31k/person/year for each individual receiving their share of the 8.4 Trillion.
UnderpantsWeevil@lemmy.world 2 weeks ago
Yup.
Blue_Morpho@lemmy.world 2 weeks ago
So it doesn’t change anything. You get $30k and yes that $30k is worth more because it can generate maybe $3k in investment income for you a year. It’s still only $30k.