If you read this website then you likely already know of Tom Woods. If not, then you should certainly check him out by listening to the “Tom Woods Show” and “Contra Krugman.”
With the idea of the basic income guarantee now being tried out in several jurisdictions around the world, particularly in Finland, which generated international headlines for giving 2,000 citizens a guaranteed income for two years, Woods decided to share his thoughts with his fans.
As usual, Woods crushed the concept like a pixie cup. Here is what he has gotten his opponents to concede:
(1) Morally speaking, there’s no difference between Americans and any other people, so the implementation of the BIG should, strictly speaking, involve a substantial amount of international redistribution.
(2) This redistribution will result in a substantial decline in the American standard of living.
(3) Some kind of institution of global governance will be necessary to carry out this redistribution.
Unfortunately, the basic income guarantee, which is an idea that has been floated around for a few decades now, is gaining steam and momentum in both the political arena and on college campuses.
For further reading, be sure to check out:
Swiss voters overwhelmingly reject basic income guarantee (again)
Basic Income Guarantee: A disastrous policy that’s gaining traction worldwide
Finland may end all welfare, just give the population $10,000 per year
Should U.S. adults be given a basic income just for being alive?
The Flaws In “Basic Income for Everyone”
Against “The Libertarian Case for a Basic Income”
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