you are viewing a single comment's thread
view the rest of the comments
[–] 47 points 1 month ago (24 children)

No. That would be achievable through reallocation of funds, e.g. from tax revenue. If the quote is correct, that's just increasing monetary mass, aka printing money. Which is Inflationary AF.

That being said, I find it hard to believe that a CEO in this day and age wouldn't have at least this basic understanding of how the economy works. This being Musk, there's no need to invent extra character flaws. The man has plenty to go around.

  • source
  • parent
  • hideshow 24 child comments
  • [–] 3 points 1 month ago* (last edited 1 month ago) (2 children)

    Well, the text says "you could actually get deflation because there will be so much abundance produced". There is some reality where this is true, as increasing the monetary mass would do nothing if the economy (the amount of goods and services produces) increases proportionally. But I wouldn't bet on a universal basic income increasing the country's production.
    Also, only the rich and upper-middle class would suffer from inflation. Poor people's financial situation would still improve.

  • source
  • parent
  • hideshow 2 child comments
  • [–] 4 points 1 month ago* (1 child)

    The printing money wouldn't be enough. You'd also have to legislate what people are not allowed to do after the money printing begins (like rent hikes equal to the average household size * the ubi check).

  • source
  • parent
  • hideshow 1 child comment
  • [–] 2 points 1 month ago (1 child)

    The only way this makes sense, and I guarantee he’s not advocating for this, would be to print and distribute so much money to the lower and middle classes that the upper class wealth is diluted and inequality is reduced. But the havoc that would wreak outside of the US is something I can’t even speculate on.

  • source
  • parent
  • hideshow 1 child comment
  • [–] -1 points 1 month ago* (14 children)

    How do you get UBI without issuing checks from the Treasury. There isn't enough tax money that can be taken from Billionaires to sustain UBI.

    Not just tax a percentage, but take every penny of every Billionaire in the US. Net worth of all US billionaires is 8.4 Trillion.

    270 million US adults.

    = 31k per person. Once.

    That's 31k one time. Then there is no money for next year.

  • source
  • parent
  • hideshow 14 child comments
  • [–] [S] 9 points 1 month ago* (6 children)

    Net worth of all US billionaires is 8.4 Trillion.

    The productive capacity of the accumulated capital owned by US billionaires exceeds $31k/person/year.

    The "Net Worth" figure is deceptive, because it's the exchange value and not the use value. Sitting on tens of millions of vacant real estate units, many of which are underwater on their purchase price, shows up as far less on an individual balance sheet than the material benefit of not being homeless accrues to a homeowner.

  • source
  • parent
  • hideshow 6 child comments
  • [–] 1 point 1 month ago (5 children)

    The productive capacity of the accumulated capital owned by US billionaires exceeds $31k/person/year.

    If that was true then taking all their capital and distributing it would be more than $31k/person/year for each individual receiving their share of the 8.4 Trillion.

  • source
  • parent
  • hideshow 5 child comments
  • [–] [S] 1 point 1 month ago (4 children)
  • [–] 1 point 1 month ago (3 children)

    So it doesn't change anything. You get $30k and yes that $30k is worth more because it can generate maybe $3k in investment income for you a year. It's still only $30k.

  • source
  • parent
  • hideshow 3 child comments
  • [–] [S] 1 point 1 month ago (2 children)

    So it doesn’t change anything.

    It does, in fact, change things

  • source
  • parent
  • hideshow 2 child comments
  • [–] 1 point 1 month ago (1 child)

    I honestly don't know what you are arguing about. If someone has $100 it is technically worth more than $100. If they give you that $100 you now have that $100 which is also technically worth more than $100. It's the same $100 + unspecified future value either way.

    If you argue the $8.4 trillion in net worth of Billionaires is worth more than the $8.4 T, then if that $8.4 was taken from them it is also worth more.

  • source
  • parent
  • hideshow 1 child comment
  • [–] [S] 1 point 1 month ago

    If someone has $100 it is technically worth more than $100.

    If someone buys a house for $500k it's worth $500k. But it's also a place to live, which makes it invaluable to a person without a home.

    If the value declines to $400k then the net value is -$100k. But, again, the house has value as a place to live that humans need. Being underwater on your home isn't the same as being homeless. And owning a million homes that lose value is very different than being broke.

    Use value and exchange value are different things. And saying you have $8.4T on paper means something very different than saying you control properties, equities, and IP that other people need, but can't have, because you're hoping to flip it for a profit.

  • source
  • parent
  • [–] 6 points 1 month ago (6 children)

    Nobody said it had to be over $2500/month?

  • source
  • parent
  • hideshow 6 child comments
  • [–] 1 point 1 month ago (5 children)

    Minimum wage in many US cities is $15/hr which is $30k/year.

    Even at federal minimum wage of $7.50, that means not just taxing Billionaires at 100% but taking everything will give you 2 years of UBI before there is no money.

  • source
  • parent
  • hideshow 5 child comments
  • [–] 11 points 1 month ago (4 children)

    Minimum wage in many US cities is $15/hr which is $30k/year.

    So? UBI isn’t a wage for work. It could be $300/month and that would still be a huge boon to struggling people.

  • source
  • parent
  • hideshow 4 child comments
  • [–] 2 points 1 month ago (3 children)

    The UBI baseline is supposed to be $12000 per year. The premise is it covers food and shelter.

  • source
  • parent
  • hideshow 3 child comments
  • [–] 7 points 1 month ago (2 children)

    So why did you inflate it to nearly 3x that amount while arguing about how it can’t work because it’s too expensive? $1000/month is still a lot of money for people.

  • source
  • parent
  • hideshow 2 child comments
  • [–] 1 point 1 month ago (1 child)

    Because baseline food and shelter is much more expensive in many cities where 80% of the population lives. That's why minimum wage is $30k in major cities.

  • source
  • parent
  • hideshow 1 child comment
  • [–] 3 points 1 month ago

    But again, this isn’t a wage… people can still make extra money on top of UBI. The goal isn’t to make nobody ever work again. Why pretend you can’t do it because it doesn’t translate to fully automatic luxury gay space communism?

  • source
  • parent