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Response to RandySF (Original post)

Fri May 8, 2020, 12:04 AM

41. A basic income even post-CV19 is a good idea for capitalism

Modern industrial countries have economies that are post-full employment. There is no sound reason for every able bodied person to work. This should be one benefit of our science and technology plus political and economic wisdom. The benefit should be shared in a healthy society rather than the perverse concentration of wealth and income, much from rents and speculation rather than production, concentrated at the top while most struggle for day to day existence.

Capitalism is a good thing for creativity, entrepreneurship, and freedom. The major goal of finance under capitalism is a social system to allocate capital investment in an efficient and beneficial manner. However, regulatory and enforcement side boards on unrestrained capitalism are required for the efficient and beneficial allocation of capital. What has happened under neo-liberalism, an economic not political doctrine, is a return to the laissez faire capitalism that once rewarded the robber barons of the 19th century, that brought about the Great Depression, and result in the current skewed economy. Side boards need to be re-instituted and modernized.

The strength of Wall Street over Main street is because the system is biased towards existing wealth; stimulus money or tax relief in stock buy back and program trading schemes that maintain share price and allow dividends but doesn't do most for most of us save perhaps in our shaky and ever weakening retirement programs. The large corporations and wealthy buy or use monopoly power to destroy small competitors and to buy assets of failed businesses at a discount. If government stimulation went to consumers who spent the money on what they want and need, the money will have both an economic multiplier effect and allocate profits / capital to the worthy corporations and independent businesses to better meet the efficient and beneficial use of capital.

Payments like what Pelosi suggests are what are required in a post full employment economy for capitalism to function and it would be wise and fair to make them permanent but adjustable.

There is a very different way to look at and organize capitalism that our current experience.

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