The Case Against a Basic Income

There are multiple ways to increase capital at the bottom of the wealth pyramid.(...)The first solution is some form of nationalism, where countries enact tariffs and attempt to bring all production back to the country instead of producing it overseas.(...)

The thing is, consumers in the bottom 78% of US workers live paycheck to paycheck, they already spend everything they have each month.They’re not holding back additional money, waiting for the right product to appear. Which means all this advertising is creating little additional growth and wealth, it’s just taking it from other companies.

Another major potential downside is stifling innovation. While established, profitable companies are able to fund UCI, it’s infeasible for early-stage startups to do the same.

The Biden administration is expanding the welfare state, through the new child tax credit and other initiatives. Congressional Democrats are crafting a new New Deal. But little attention is being paid to making things work, rather than making them exist.