Study: Basic income of $12,000 a year would grow U.S. economy by $2.5 trillion

Here we go again…

This is just further proof that it is inevitable that countries will adopt the basic income guarantee, which will NOT replace the welfare state. Although proponents of this concept say it will end the welfare system, the federal or state governments would never eliminate Social Security, Medicare, Medicaid, food stamps, disability payments and all of the other treasure trove of welfare benefits.

According to a new study the left-leaning Roosevelt Institute, giving every adult in the United States $1,000 per month would grow the economy by $2.5 trillion to 2025.

Yay! Endless wealth for all! Money grows on tree!

The researchers looked at three different types of basic income: full ($12,000 a year), partial ($6,000 a year) and child allowance ($3,000). The report essentially states that the larger the universal basic income, the greater the benefit to the economy.

How is it going to be funded?

“When paying for the policy by increasing taxes on households rather than paying for the policy with debt, the policy is not expansionary,” the report says. “In effect, it is giving to households with one hand what it is taking away with the other. There is no net effect.”

Wait a minute…if there are no unintended consequences and the larger the benefits would be with a higher basic income, then why stop at $1,000? Why not raise it to $5,000? $10,000? $100,000?

This is similar to the minimum wage argument. All of the advocates say that there are zero negative effects to raising the minimum wage, something that leads to the obvious question: why stop at $15? Why not increase it to $50, $100 or $1,000 an hour?

Whether it is coming automation or a rising cost of living, the supporters of a universal basic income are constantly conjuring up new excuses for the program. Let’s just end the welfare state altogether and be free to try, succeed or fail on our own.