Universal Basic Income

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Re: Universal Basic Income

Postby grzegorz on Sun Aug 04, 2019 1:39 am

A good article on the death of unions.

https://www.theatlantic.com/business/ar ... ad/412831/

Perhaps we will get lucky and get a pro-union president in 2020 but with the way things are going now it isn't looks good.
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Re: Universal Basic Income

Postby everything on Mon Aug 05, 2019 5:02 am

I don't need know much about them so don't have any well informed opinion.

But shrinking middle class for any reason seems bad.

So working on those reasons seems like it would be on the agenda.

Unless you only listen to large donors.

What has happened to the small donor movement?
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Re: Universal Basic Income

Postby Steve James on Mon Aug 05, 2019 7:43 am

Unions aren't inherently good when they're not inherently necessary. In dangerous jobs, unionization prevents the exploitation of individual laborers. For ex., on a union job, everyone gets paid at the same scale. Of course, the other aspect of unions is that union leaders can have tremendous power --to call strikes, for instance. So, they can become corrupted or be forced to become corrupt. But, it's not the "union" that's bad. If you have a job where there are lots of people like you doing the same thing, you'll probably appreciate a union. Otoh, if you have a unique set of skills, you might prefer having a personal employment contract that you have negotiated.
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Re: Universal Basic Income

Postby everything on Mon Aug 05, 2019 4:28 pm

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Re: Universal Basic Income

Postby Steve James on Tue Aug 13, 2019 9:57 am

Coal miner protest.

Coal miners in Kentucky continue to protest their former employer by blocking a railroad track that carries coal trains, demanding back pay after being laid off last month.

The protest, which started on July 29 in Cumberland, Kentucky, is in response to workers who were laid off by their former employer, Blackjewel LLC, which filed for Chapter 11 bankruptcy on July 1. As well as “operational issues” in its mines, the company cited “a combination of declining commodity prices, reduced domestic demand for thermal and metallurgical coal, and increased oversight and costs associated with regulatory compliance” as factors leading to it going bankrupt in court filings.

“The entire U.S. mining complex has been impacted by these events. A growing number of peers have filed for bankruptcy over the course of the past 5+ years. The entire industry either has gone through, or is currently going through, a period of financial distress and reorganization,” the document continued.

https://currentnewsvista.news.blog/2019/08/12/blocking-coal-train-railroad-tracks-over-wage-complaints-a-protest-by-kentucky-miners-is-now-entering-its-third-week/


https://www.youtube.com/watch?v=WEaYvKTEwpE


https://www.youtube.com/watch?v=tFNkDaLU-k0
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Re: Universal Basic Income

Postby Steve James on Sun Aug 18, 2019 10:12 am

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https://img-s-msn-com.akamaized.net/ten ... 778&y=1252

Well, the 2nd biggest U.S. conglomerate is hiring in Mississippi --at the plant there was an ICE raid. The question is why people who hire undocumented immigrants aren't punished for hiring them.

I wonder what they're paying down there. Minimum wage is $7 per hour, for citizens.
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Re: Universal Basic Income

Postby everything on Mon Aug 19, 2019 1:49 pm

Group of top CEOs says maximizing shareholder profits no longer can be the primary goal of corporations

The new statement, released Monday by the Business Roundtable, suggests balancing the needs of a company’s various constituencies and comes at a time of widening income inequality, rising expectations from the public for corporate behavior and proposals from Democratic lawmakers that aim to revamp or even restructure American capitalism.

“Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity," reads the statement from the organization, which is chaired by JPMorgan Chase CEO Jamie Dimon.


https://www.washingtonpost.com/business ... reddit.com

Some great comments on Reddit such as

ashenblade• 4h
"... Already long ago, from when we sold our vote to no man, the People have abdicated our duties; for the People who once upon a time handed out military command high civil office, legions — everything, now restrains itself and anxiously hopes for just two things: bread and circuses."
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Re: Universal Basic Income

Postby Steve James on Mon Aug 19, 2019 2:53 pm

Well, whaddya know, officials at the WH are floating the idea of reducing the payroll tax (to help a weakening economy).
https://www.msn.com/en-us/news/politics ... spartandhp

I bet this will become a campaign promise.
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Re: Universal Basic Income

Postby Michael on Sat Mar 21, 2020 5:51 pm

I'm choosing a recent thread on the topic of money to post this, although my focus is on the current corona virus quarantine that is shutting down the economy. Because of this, in the past week the Federal Reserve injected $2.2 TRILLION USD

Interest rates went to zero and the Federal Reserve pumped in $1.5 trillion before March 16th and then another $700 billion the day after.


President Trump has suggested bailouts for essential industries, like the airlines, and direct payments to citizens around $1200 each to begin with, and the reporting says it might come as soon as 3 weeks from now.

How can the government put so much money into this crisis? Remember back to the financial crisis of 2008? Then Federal Reserve Chairman Ben Bernanke explained how they literally print money on demand.

Begin at 7.23 on the CBS News youtube channel, which first aired on Sunday, March 15, 2009.



Source for transcript is CBS News web site.

In the midst of the crisis, Bernanke had freedom to act immediately - he doesn't need permission from Congress or the president. While they debated on Capitol Hill, Bernanke cut interest rates nearly to zero; then he used Depression-era emergency powers to launch a dozen rescue programs of his own. There was support for money market funds, mortgages, short term lending to small business, and support for auto loans, student loans and small business loans - commitments of a trillion dollars, doubling the size of the Fed's balance sheet.

Asked if it's tax money the Fed is spending, Bernanke said, "It's not tax money. The banks have accounts with the Fed, much the same way that you have an account in a commercial bank.

So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed.

It's much more akin to printing money than it is to borrowing."

"You've been printing money?" Pelley asked.

"Well, effectively," Bernanke said. "And we need to do that, because our economy is very weak and inflation is very low. When the economy begins to recover, that will be the time that we need to unwind those programs, raise interest rates, reduce the money supply, and make sure that we have a recovery that does not involve inflation."
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Re: Universal Basic Income

Postby Michael on Sat Mar 21, 2020 5:53 pm

As we saw in the years following the 2008 financial crisis, many trillions of dollars were generated to help the banks as well as keep the USD afloat so it could remain the world reserve currency.

When they need a few TRILLIONS, they print some, as they have just done for Wall Street and as Pres. Trump has suggested should also be done for individuals and small businesses.

They simply adjust the number of zeroes at the end of the balance sheet...when it is considered necessary.

There is a connection to UBI, regardless of its overall social merit, it can certainly be done for this crisis and would be less than what has been given to the banks or has disappeared from the DoD balance sheets since September 10...oh never mind the date. It's all just a series of spontaneous, meaningless coincidences. ;D
Last edited by Michael on Sat Mar 21, 2020 5:57 pm, edited 2 times in total.
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Re: Universal Basic Income

Postby Trick on Sun Mar 22, 2020 7:36 am

cashless and to go all electronic will of course get a push forwar because of this virus thing going on now, UBI is another factor that will let the general public to want cashless .....fractional reserve scam going all environmentaly
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Re: Universal Basic Income

Postby meeks on Mon Mar 23, 2020 8:54 pm

Right now Canada is discussing a Universal Basic Income to help combat the effects of layoffs. Already have universal healthcare...

Meanwhile some Republican senator in USA is saying that "Americans don't want a free hand-out so we won't be doing anything to support them", at the same time, the Republicans are also currently trying to push more 'tax benefits' for corporations but refuse to put in restrictions like "this can't be used for CEO bonuses and stock buybacks" and "this must be used to help the workers".
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Re: Universal Basic Income

Postby Michael on Mon Mar 23, 2020 9:12 pm

Because the government has shut down the economy, I think they should give us some Donald Dollars and some Mnuchin Money, but I seriously doubt it will happen, although Wall Street, Boeing, etc., will get handouts, mom & pops will be crushed, and there will be new consolidations and public-private partnerships for the big boys once the virus has cleared away.
"but we’re going to hunt down that last point-one percent and say: ‘you’ve gotta get inside, you gotta cut it out, and you gotta distance.’” —Mayor Garcetti
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Re: Universal Basic Income

Postby Trick on Tue Mar 24, 2020 12:47 am

Although UBI sound as a nice thing, but do we really believe it will come for free. I would hope it will, but I don’t think it will be “free money”. We will have to accept to have the mandatory nano bot in the but vaccination plus the backup rdf chip in forehead. All of can easily be activated/deactivated if we don’t complearly comply with whatever the rulers comes up with........Most younger generation will love the idea of UBI and it will only come around cashless, if it takes a needle in the But and a chip in the head, they wouldn’t mind......until it’s too late
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Re: Universal Basic Income

Postby Bob on Tue Mar 24, 2020 3:37 am

https://www.youtube.com/watch?v=YLt2X8Zybds

Milton Friedman on Guaranteed Income / Negative Income Tax / Basic Income



Not a strong fan of the old Chicago School of Economics and don't see Governments and free markets as he does but this always seemed like a good idea and yet has never been implemented

You can also view unions as agents for a designated group of employees - in a world of imperfect information - seeking voice in the terms & conditions of the workplace in a world where there are degrees of monopoly power. Unions as an institutional countervailing power to institutional corporate power - John Kenneth Galbraith.

Critical assumptions on competitive markets - large number of buyers & sellers, perfect information, complete resource mobility & the product or service is homogeneous and you might want to throw in well-defined and institutionally enforceable property rights. There is either monopoly power or markets are perfectly competitive and the only way monopolies can exist is with government protection via regulation.

Unrealistic assumptions?

Friedman's old argument is that we don't test assumptions but test predictions and as long as these assumptions yield predictable outcomes then we assume that markets behave AS IF these assumptions were true.

Democrats, in general, believe perfectly competitive markets are inherently unstable in the long run and require government intervention to stabilize them where republicans, in general, believe perfectly competitive markets are inherently stable and government intervention via programs etc. etc. distort the pricing mechanism and result in inefficiencies and destabilize otherwise stable markets.

Others don't buy these methodological assumptions i.e. behavioral economics

You make the choice
Last edited by Bob on Tue Mar 24, 2020 3:52 am, edited 4 times in total.
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