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    • I always ask who’s going to pay for it? Of course, that’s the question I always ask of any anyone advocating a pie in the sky utopian plan. Then, depending on what kind of hemming and hawing answer I get, I know if I should believe it’s a good plan…or not. Usually they’re not.

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    • That ain’t workin’. . . That’s the way you do it. . . . Money for nothing. . . .

      If it replaced every other form of state-sponsored welfare, it might prove economical, but there is absolutely no chance that other welfare programs would cease.

      Two relevant thoughts from discussions on FreeRepublic:

      We can already see the effect of this kind of thinking in another area. The government has made student loans and grants available to all. The net result is that the cost of higher education has increased to meet the availability of funds. And the performance of free basic education has decreased.

      A guaranteed basic income will do nothing but increase the basic cost of living. Rents and food prices will go up, while quality will go down. We have already done the experiment and it is a failure.

      .

      Will they have to pay tax on it?

      UBI really only matters if your income is below a fairly substantial level. Above that point, you’re just paying out your own $UBI (plus that of others), so it should be a net $0. You give the feds $UBI just so they can give it back to you (without having to track who’s supposed to receive UBI). That’s part of the point: those not needing it just see a net $0.

      BUT…

      If you have a taxable income, there’s nothing saying you won’t pay taxes on your $UBI checks. So my net $0 suddenly becomes another (taxRate * $UBI)% in annual taxes, just because I give the feds $UBI (plus more, for others not paying sufficient taxes) so they can give it back to me. So if UBI is $1,000/mo, that means I have to give the feds $12,000/yr just so they can give me $12,000/yr back … but since it looks like additional income, I have to shell out another $4000 or so on that “income”.

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    • From the movie McClintock!:

      George Washington McLintock: “Gave”? Boy, you’ve got it all wrong. I don’t give jobs — I hire men.

      Drago: You intend to give this man a full day’s work, don’tcha boy?

      Devlin Warren: You mean you’re still hirin’ me? Well, yes, sir, I certainly deliver a fair day’s work.

      George Washington McLintock: And for that I’ll pay you a fair day’s wage. You won’t give me anything and I won’t give you anything. We both hold up our heads.

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  6. This seems to be a big month for birthdays for Americans whose pictures are on high-denomination bills. Benjamin Franklin was born January 17, 1706, in Boston. Forget all the Poor Richard quotes. My favorite quote from him is “Beer is proof that God loves us and wants us to be happy.” I have read that the quote is apocryphal, but it’s still my favorite.

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