Current Events > 2020 presidential candidate wants to give everyone $1,000 a month.

(+) Yeah! (+)

https://www.msn.com/en-us/money/markets/2020-presidential-candidate-wants-to-give-everyone-dollar1000-a-month/ar-AAvLSi7

My phones not letting me copy and paste the text right now, so yallll have to click the link.

An Asian president will not happen in my lifetime.
---

LMAO fuck no
---

And yall thought Bernie was crazy.

I see nothing wrong with this.

How would it be paid for?
---

FairyLeviathan posted...

I see nothing wrong with this.

This, but

SimpleMan posted...

How would it be paid for?

---

thecoolgu posted...

FairyLeviathan posted...

I see nothing wrong with this.

This, but

SimpleMan posted...

How would it be paid for?

Bezos seems to be the hottest "rich name" to attack as of late, maybe he chips in
---

I'd love to collect free money just for existing and have prices stay the same

But I live in reality
---

Ic3Bullet posted...

https://www.msn.com/en-us/money/markets/2020-presidential-candidate-wants-to-give-everyone-dollar1000-a-month/ar-AAvLSi7

My phones not letting me copy and paste the text right now, so yallll have to click the link.

Then how did you paste the link?
---

All I want is a rent freeze.
---

That's just $30bn a month, why not? Thats like $360,000,000,000 a year. Im down with that
---

-Unowninator- posted...

Ic3Bullet posted...

https://www.msn.com/en-us/money/markets/2020-presidential-candidate-wants-to-give-everyone-dollar1000-a-month/ar-AAvLSi7

My phones not letting me copy and paste the text right now, so yallll have to click the link.

Then how did you paste the link?

I think it's a Website thing, I can't copy the text either.
---

Neat. I get to post Margaret Thatcher twice in the same hour.

https://www.youtube.com/watch?v=3c8Gkm8VSLE" data-time="

Can we all have lightsabers and spaceships too?
---

Bio1590 posted...

-Unowninator- posted...

Ic3Bullet posted...

https://www.msn.com/en-us/money/markets/2020-presidential-candidate-wants-to-give-everyone-dollar1000-a-month/ar-AAvLSi7

My phones not letting me copy and paste the text right now, so yallll have to click the link.

Then how did you paste the link?

I think it's a Website thing, I can't copy the text either.

Works for me when I tried.
---

When CE went through this stuff before we determined we could give everyone a few hundred a month. A thousand would cost too much.
---

M_Live posted...

SimpleMan posted...

How would it be paid for?

This is what I'm wondering. Like, the raise in taxes that would have to occur would probably completely cancel this out

Article states a 10% VAT, which yes, would eat up that extra $K a month pretty quickly.

Spooking posted...

An empty promise to get people to vote for him. Shame!

notsureifserious.jpg
---

SimpleMan posted...

How would it be paid for?

They can just print the money each month. Duh

Canada is testing this at the moment.
---

Spooking posted...

An empty promise to get people to vote for him. Shame!

Kinda like the wall and locking her up and draining the swamp.
---

Wagger_25 posted...

Canada is testing this at the moment.

Canada tested it already, in the 70s.
https://en.wikipedia.org/wiki/Mincome

people don't even pay $1000 in taxes per month. If they got rid of income tax, property tax, sales tax and other excise taxes people would come to realize its a mistake when government organizations that normally help citizens are shutting down.

they should make it so instead of giving everyoen 1000 a month, they give the amount of money they would have given to me only I need more money
---

SimpleMan posted...

How would it be paid for?

Hike the top marginal tax rate up to 90% like in the Eisenhower years. Link the corporate tax and capital gains rates to it too.
---

https://www.msn.com/en-us/money/markets/2020-presidential-candidate-wants-to-give-everyone-dollar1000-a-month/ar-AAvLSi7

Yang, 43, who was born in upstate New York in 1975, will be running as a Democrat, according to his campaign website.

Nothing to see here. Typical Democrat promising free crap, and idiots eating it up with a spoon.
---

L0Z posted...

people don't even pay $1000 in taxes per month. If they got rid of income tax, property tax, sales tax and other excise taxes people would come to realize its a mistake when government organizations that normally help citizens are shutting down.

that's my big issue with basic income. it definitely could do some good if it were combined with existing services and strict rent control, but, given the direction that it's coming from politically, that's not going to happen
---

This is just the adult version of "Vote for me and I'll show you my weewee" that kids do during school elections.
---

Garioshi posted...

SimpleMan posted...

How would it be paid for?

Hike the top marginal tax rate up to 90% like in the Eisenhower years.

Yet, we had nothing resembling a basic income then.

http://time.com/4289687/1942-tax-day-history/

Questionmarktarius posted...

Garioshi posted...

SimpleMan posted...

How would it be paid for?

Hike the top marginal tax rate up to 90% like in the Eisenhower years.

Yet, we had nothing resembling a basic income then.

http://time.com/4289687/1942-tax-day-history/

And?
---

You pay for it by making the top 1 percent pay their fair share of taxes.

Questionmarktarius posted...

Neat. I get to post Margaret Thatcher twice in the same hour.

lol
---

Metro2 posted...

You pay for it by making the top 1 percent pay their fair share of taxes.

France tried that, and keeps perpetuating the death-spiral as the money just leaves.
https://www.telegraph.co.uk/finance/9798891/French-capital-flight-spikes-as-Hollande-hits-business.html
http://www.france24.com/en/20150808-france-wealthy-flee-high-taxes-les-echos-figures
http://www.dailymail.co.uk/news/article-4932482/Wealth-tax-forces-12-000-millionaires-YEAR-France.html

This shit already failed in Finland. It didn't even last 2 years before they had to give up because it was unsustainable.

http://www.bbc.com/news/world-europe-43866700

lol socialists.
---

$1,000 per month after the Democrats tax you $3,000 per month
---

Mal_Fet posted...

This shit already failed in Finland. It didn't even last 2 years before they had to give up because it was unsustainable.

http://www.bbc.com/news/world-europe-43866700

lol socialists.

lol socialists and the whole fucking democratic party.
---

Iwin2013 posted...

Mal_Fet posted...

This shit already failed in Finland. It didn't even last 2 years before they had to give up because it was unsustainable.

http://www.bbc.com/news/world-europe-43866700

lol socialists.

lol socialists and the whole fucking democratic party.

basic income is not a socialist policy, and finland is not socialist
---

We could also slice the military budget in half and that would roughly pay for UBI.
---

Questionmarktarius posted...

Neat. I get to post Margaret Thatcher twice in the same hour.

https://www.youtube.com/watch?v=3c8Gkm8VSLE" data-time="

imagine being proud of posting margaret fucking thatcher
---

Garioshi posted...

We could also slice the military budget in half and that would roughly pay for UBI.

This. As more and more jobs become automated, UBI is something that we are going to have to seriously look at.
---

Reminder that the US has sunk trillions of dollars on the F35

If they can throw money down the drain, they can afford to take care of their own fucking citizens
---

Garioshi posted...

We could also slice the military budget in half and that would roughly pay for UBI.

No.

https://www.cnn.com/2018/03/28/politics/us-military-spending-items-intl/index.html
Trump has requested $700 billion for military spending.

https://www.census.gov/quickfacts/fact/table/US/PST045216
Roughly 250,000,000 adults, two years ago.

$1000 a month for each adult is $250,000,000,000 outlay every month, or about a third of the annual proposed defense spending.

$12000 a year for each adult is $3,000,000,000,000. That's over four times the proposed defense budget.

https://en.wikipedia.org/wiki/2018_United_States_federal_budget
$3T is about three quarters of the total proposed US budget for 2018.

why is no one talking about his proposed method of funding it which is in the article? he proposed a 10% value-added tax (national sales tax) and cited estimates for what it would raise (answer: enough to pay for the UBI).

with appropriate exemptions on things like food, it could work, although i've never been fond of VAT.
---

Desktop is letting me copy-paste the text:

Entrepreneur Andrew Yang has a big goal for a relatively unknown business person:to reach the White House. And he's aiming to get there by selling America on the idea that all citizens, ages 18-64, should get a check for $1,000 every month, no strings attached, from the U.S. government.

Yang, 43, who was born in upstate New York in 1975, will be running as a Democrat, according to his campaign website.

"People who think the antidote to Donald Trump is a boring generic Democrat missed the point. He is a sign of massive institutional failure. On both sides," Yang said on Reddit on April 2.

A universal basic income (UBI) payment, which Yang calls "the Freedom Dividend," is one of his major policies.

"The most direct and concrete way for the government to improve your life is to send you a check for $1,000 every month and let you spend it in whatever manner will benefit you the most," Yang writes on his campaign website.

The government has "plenty of resources, they're just not being distributed to enough people right now," he says.

Yang, founder of business fellowship program Venture for America and author of "The War on Normal People: The Truth About America's Disappearing Jobs and Why Universal Basic Income Is Our Future," believes a cash handout will improve the mental well being of Americans and encourage entrepreneurship.

"It is impossible to overstate the positive impact of $1k a month on households around the country. It would take people from a constant mindset of scarcity to a mindset of assured survival and possibility. It would transform our society in myriad positive ways by taking the boot off of people's throats," wrote Yang on Reddit in March.

"I've worked with hundreds of entrepreneurs and most have an incredible mindset of abundance and possibility. A UBI would be the greatest catalyst for arts, entrepreneurship and creativity that we have ever seen," he said.

Facebook CEO Mark Zuckerberg made a similar argument in his Harvard commencement speech in May. "Now it's our time to define a new social contract for our generation. We should explore ideas like universal basic income to give everyone a cushion to try new things," the billionaire said.

---

Why $1,000 a month?
Yang settled on the level of $1,000 a week for several reasons, he tells CNBC Make It: First, $1,000 a month was recommended by former Service Employees International Union president Andy Stern in his book, "Raising the Floor: How a Universal Basic Income Can Renew Our Economy and Rebuild the American Dream." And $12,000 a year brings an individual close to the U.S. poverty line, says Yang, which is $12,752 per person per year for those under the age of 65, according to the United States Census Bureau. Plus, a $1,000-a-month UBI has been studied and modeled by The Roosevelt Institute, says Yang. (It could grow the U.S. economy by 12.56 percent after eight years if paid for by increasing the debt, says the left-leaning institute's report released in August.)

Finally, $1,000 is low enough to help assuage a common criticism of UBI: that it will discourage people from working.

"It's virtually impossible to do more than just survive on a thousand dollars a month around the country," Yang tells CNBC Make It. "It would make a huge difference for families, but it's not a level that would lead one not to work."

Automation is driving an urgent need for cash handouts
UBI is necessary, according to Yang, because automation is replacing human workers in manufacturing and threatens jobs in retail, food service and preparation, customer service, transportation, insurance, accounting, medicine and law, he says in a campaign video.

Indeed, some reports are concerning. By 2030, 75 million workers around the globe will need to change occupational category due to automation, according to a December 2017 study by McKinsey Global Institute, and 400 million jobs could be potentially displaced. These estimates are based on analysis of 46 countries that include 90 percent of global gross domestic product and a mid level pace of adoption of automation.

A report published in March by the Organization for Economic Co-operation and Development (OECD) predicts 14 percent of the jobs measured in 32 OECD countries, or about 66 million jobs, are "highly automatable," which the report defines as having a probability of being automated over 70 percent over the next 15 to 20 years. Another 32 percent have a risk of being automated at 50 to 70 percent, the report says.

Yang says he is uniquely positioned to see both sides of the automation story in the United States thanks to his work with Venture for America.

"I'm usually highly exposed, where most people in my line of work have not spent six years marching around Michigan, Ohio, Pennsylvania, like Missouri," Yang tells CNBC Make It. "Most people haven't spent six and a half years working in these regions with the businesses and entrepreneurs there. And most people probably do not directly know people in Silicon Valley who are working on automating away millions of jobs and know it."

Paying for UBI
Under Yang's plan, the UBI payment would be funded by a "new tax on the companies that are benefiting most from automation," he says in a video on his campaign's website.

That tax, he explains, would be a value-added tax (VAT) of 10 percent on goods and services a company produces. (Europe already has a VAT, with rates ranging from 17 percent in Luxembourg to 27 percent in Hungary as of Jan.1, 2018, according to the European Commission.)

The idea of a VAT will become ever more important, according to Yang's campaign, "because you cannot collect income tax from robots or software."

"Because our economy is so vast, this would generate between $700 and $800 billion in revenue," said Yang on Reddit.

---