Why one man thinks the US government should pay citizens $1,000 a month (ex-SEIU President)

[steve2470]

http://www.msn.com/en-us/money/markets/why-one-man-thinks-the-us-government-should-pay-citizens-dollar1000-a-month/ar-AAhh5mM?ocid=spartandhp

One former union boss has a bold idea on how to ensure economic stability in the U.S. — give every citizen $1,000 a month.

While the idea of a Universal Basic Income (UBI) is not necessarily a new one, Andy Stern believes his plan is important now because of "tectonic shifts" in the labor market that will see more and more workers replaced by robots.

"In order to make sure that everyone has a floor — something they can't fall below, that we end poverty once and for all — let's give everyone a check," the former president of the Service Employees International Union said in a recent interview with CNBC's "Power Lunch."

Income inequality continues to be one of the urgent topics in the public discourse. There were 46.7 million people living in poverty in 2014, according to the latest data from U.S. Census Bureau. The poverty threshold was $12,331 a year for an individual under 65 and $15,871 for a two-adult household during that time. 

video at link

[Travis_0004]

1. Assuming 300 million citizens

Thats 300 billion dollars a month.

Thats 3.6 trillion a year if my math is all correct. The US budget is about 3.8 trillion. So this would require doubling the US budget. Where is that money going to come from?

[RobertEarl]

8. Ask yourself

Where does that money go?

It all gets recycled. And each time it moves, taxes are paid. The net negatives could be close to zero.

[The2ndWheel]

11. Same place it comes from now

The abstract human imagination.

[Chathamization]

12. Taxes. There will be as much income coming into the government as their is going out, but it's going

to be tilted so that the wealthy pay more and it's going to be consistent. So when you're making nothing, you get $1,000 a month and don't pay any extra taxes. When you're making $30,000 a year, you're getting $1,000 but you're taxes are $450/mo higher than now, so you're net increase is $550 a month. If you're making $150,000, you're getting $1000 but your taxes are $1550/mo higher, so you have a net decrease of $550 a month.

You can play with the exact numbers, but it would be something like that. There are numerous benefits. Canada found that it lead to more parents staying at home with their newborn children (they didn't feel forced to leave them to return to work), students focusing on their studies more (less of a need to put studies aside to support their family), etc. No one would ever be in a situation where there income suddenly stops.

[pangaia]

2. I'll take $500/mo, as it would surely help,and donate the other $500 to someone who needs it more.

[Trust Buster]

3. National debt ? What debt ? Money is free isn't it ? LOL

[liberal N proud]

4. It would ignite the economy

[Travis_0004]

9. You bet your ass it would

GDP would easily double.

Only problem with that is it would all be due to inflation, which would hurt american businesses and make imports cheaper, we would see the national debt go up at unsustainable levels, and that 1,000 a month might not even get the the basics with hyperinflation.

Other than that, yeah, it would be awesome.

[Thinkingabout]

5. The person who can figure how this would be possible except for taxing every citizen a

thousand dollars a month

[JesterCS]

6. Taxing the rich, removing tax loopholes, and

Stop paying tax incentives to multi-billion dollar profit companies. We'd have money to spare

[Thinkingabout]

7. It's the math, do you pay $1000 in taxes every month? If you are a citizen them to get $1000

A month will take this type of taxes. We know the rich does not pay their fair share as Trump does not release his tax returns, Sanders released a summary, he paid less than 10%, and he is in the top 6% of wage earners. With the richer paying this rate there will not be $1000 per citizen a month. I would expect a union person to know this.

[Chathamization]

10. D.C. and Y Combinator are both going to be doing research into this

Article on D.C.'s upcoming research.

Article on Y Combinator's upcoming research.

It's a great idea. Canada did experiments with it in the 70's which seem to have had pretty positive results.

[Reter]

13. Yay, free things!

Wait a second, would Trump be getting $1,000 a month too?