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 Originally Posted by spoonitnow
Universal basic income is one of the stupidest fucking ideas ever fucking invented. The price of shit will just go up, people will still end up in debt because they're fucking idiots, etc.
It's like taking the idea of expansive financial aid and student loans for college and applying it to the entire fucking economy. What in the fuck did they think was going to happen when they complain about costs shooting up and people as a whole not being any better off than they were before?
Note that it's not the economy price level that goes up from the financial aid scenario, but the financial aid price level and related ones. This micro effect doesn't change the price level in the macro economy. The macro price level is changed by monetary policy (essentially aggregate demand) or by supply shocks (like finding more oil).
UBI would maybe increase some prices, but not the aggregate price level.
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