Wednesday, June 29, 2016
An Argument For A Universal Mimimum Income
Voters in Switzerland rejected a proposal for a universal minimum income (UMI} by a wide margin. There are many moral and political objections to UMI. This article explains why a UMI may become necessary as productivity increases reduce the need for labor. It also counters several moral and political objections to UMI. It also argues that income inequality will continue to accelerate as long as increases in productivity flow primarily to the top 5%. They don't need to work harder in order to increase their income, but we assume that workers need to work harder in order to increase their incomes. Those with inherited wealth are also able live well without depending upon their own labor.