Personal Finance

Guaranteed Basic Income

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  • Mar 1st, 2021 8:48 am
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35 replies
Deal Addict
Nov 24, 2013
2099 posts
1439 upvotes
Toronto
If done well, this would be a welcome development.
Deal Addict
Oct 16, 2013
2397 posts
753 upvotes
New Brunswick
lpin14 wrote: If done well, this would be a welcome development.
It won't be done well.
Deal Addict
Jul 30, 2015
3571 posts
2755 upvotes
Toronto, ON
No thank you.
Deal Addict
Oct 16, 2013
2397 posts
753 upvotes
New Brunswick
We already have Guaranteed Basic Income that one can apply for. It is called welfare.
Member
User avatar
Nov 24, 2002
359 posts
537 upvotes
I follow the deals
Oh good, can't wait to hear all the nuanced debate on this from the armchair economists on RFD
Deal Addict
Jun 12, 2008
1386 posts
885 upvotes
Ripley
Janus2faced wrote: anyone on RFD know someone that is one of the 5% of the population that is on welfare

"according to the National Council on Welfare, roughly 5 percent of the Canadian population (about 1.7 mil- lion people) currently relies on public social assistance pro- grams, and welfare incomes have been eroding since the mid-1990s
"

single with no disability gets approx $10,000/yr, varies province to province
Yes. I know several and work with more.
Deal Guru
User avatar
Jun 1, 2006
12420 posts
15545 upvotes
JMik wrote: Oh good, can't wait to hear all the nuanced debate on this from the armchair economists on RFD
We are already have a thread on basic income, so why is there a new one?

basic-income-all-2366391/
Have a nice day!


Deal Fanatic
Oct 7, 2007
9077 posts
4947 upvotes
lpin14 wrote: If done well, this would be a welcome development.
Do you expect that everything in your current life will stay the same except for the addition of a basic income?
Where do you think the wealth is going to come from to fund the basic income?
Are you okay with living in a world where you will own nothing?
Are you okay with living in a world where there is very limited choice when it comes to purchasing consumables and services?
What happens to economies and consumers when there is limited or no competition for suppliers?
Deal Addict
Nov 24, 2013
2099 posts
1439 upvotes
Toronto
choclover wrote: Do you expect that everything in your current life will stay the same except for the addition of a basic income?
Where do you think the wealth is going to come from to fund the basic income?
Are you okay with living in a world where you will own nothing?
Are you okay with living in a world where there is very limited choice when it comes to purchasing consumables and services?
What happens to economies and consumers when there is limited or no competition for suppliers?
Why do you think these would be the consequences of UBI?
Deal Addict
Feb 4, 2019
2687 posts
4352 upvotes
BC
A few years ago I watched a documentary about basic income and there was a segment about one of the few actual implementations of guaranteed basic income that is in place today which - to my surprise - is in Alaska.

The Alaska Permanent Fund is funded by oil revenues and its main purpose is paying out the annual Permanent Fund Dividend to every resident of Alaska. It's pretty much unconditional, as long as you've lived in AK for at least one year without being in prison you are entitled to the dividend.

They interviewed a typical conservative Alaskan, who explained that he was proud to receive the PFD because rather than trusting the Alaskan government with spending state oil revenue, Alaskan residents benefit directly from it and decide how it is spent. He said it fit with his conservative ideas about government.

When asked about the idea of a Guaranteed Basic Income, his response was that he was against it because it was a socialist thing and he was against everything socialist! Face With Tears Of Joy

Just goes to say that how you frame basic income can make a big difference in how people perceive the idea.
Sr. Member
Aug 8, 2003
983 posts
124 upvotes
Ontario
rhw123 wrote: A few years ago I watched a documentary about basic income and there was a segment about one of the few actual implementations of guaranteed basic income that is in place today which - to my surprise - is in Alaska.

The Alaska Permanent Fund is funded by oil revenues and its main purpose is paying out the annual Permanent Fund Dividend to every resident of Alaska. It's pretty much unconditional, as long as you've lived in AK for at least one year without being in prison you are entitled to the dividend.

They interviewed a typical conservative Alaskan, who explained that he was proud to receive the PFD because rather than trusting the Alaskan government with spending state oil revenue, Alaskan residents benefit directly from it and decide how it is spent. He said it fit with his conservative ideas about government.

When asked about the idea of a Guaranteed Basic Income, his response was that he was against it because it was a socialist thing and he was against everything socialist! Face With Tears Of Joy

Just goes to say that how you frame basic income can make a big difference in how people perceive the idea.
In 2019 the Fund paid $1600 annually , oh sign me up for some of that. Face With Tears Of Joy
Deal Expert
User avatar
Jun 12, 2003
15057 posts
1455 upvotes
Markham
I follow Andrew Yang and I like his stance on UBI (or as he call's it "Freedom Dividend")
ShadowVlican
Deal Addict
Jan 2, 2015
1633 posts
638 upvotes
Toronto, ON
I heard about a US native tribe that had something similar.
TheZodiac wrote: In 2019 the Fund paid $1600 annually , oh sign me up for some of that. Face With Tears Of Joy
I doubt Canada can pay six times this much money ($12,000 CAD per year) with its massive amount of oil wealth that it can't sell easily.
Deal Addict
Oct 21, 2014
1673 posts
2261 upvotes
Burlington, ON
Bill C-273 is An Act to establish a national strategy for a guaranteed basic income. It is an act to create a strategy, not the implementation of a guaranteed basic income...

As I wrote months ago in the real estate forum, in an economic system where a majority of people have only their labor to sell to generate income during a time where most of the rewards of our system go to capital owners, I believe UBI will be inevitable world wide.
Deal Expert
User avatar
Feb 8, 2014
24296 posts
9696 upvotes
Socially Distanced
The protestant work ethic, not to mention the "need" to discriminate against minorities (not to mention the disabled) is what is holding back a UBI.
The rest is noise, fear of progress and rationalization of the status quo.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
Deal Expert
User avatar
Feb 8, 2014
24296 posts
9696 upvotes
Socially Distanced
Gungnir wrote: Bill C-273 is An Act to establish a national strategy for a guaranteed basic income. It is an act to create a strategy, not the implementation of a guaranteed basic income...
I remember seeing a picture of Trudeau at an event in support of a UBI well before he was elected. I am impressed that he has not forgotten it.
As I wrote months ago in the real estate forum, in an economic system where a majority of people have only their labor to sell to generate income during a time where most of the rewards of our system go to capital owners, I believe UBI will be inevitable world wide.
It is inevitable, but its an uphill battle because regressives will spare no weapon of war to prevent its adoption. The real impediment is the lies and smears against progress.

Yang was great in that he had no real chance of winning the presidency but he put this issue into the international consciousness. The first step to acceptance is getting the idea into the public consciousness. Exposure to the idea, time, social progress, the status quo falling apart, the old guard aging out and so forth is what will get us there.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people
Deal Expert
User avatar
Oct 26, 2003
36947 posts
5058 upvotes
Winnipeg
raichu1 wrote: It won't be done well.
Sounds like someone have no faith in the ability of our government and Trudeau to spend tax payer dollars effectively.
WTB amazon gc @90%
Sr. Member
User avatar
Jul 30, 2005
837 posts
586 upvotes
Downtown Toronto
ShadowVlican wrote: I follow Andrew Yang and I like his stance on UBI (or as he call's it "Freedom Dividend")
Well if you want a Freedom Dividend, you can get that right away, it's called Buy Some Stonks.
Deal Expert
User avatar
Feb 8, 2014
24296 posts
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Socially Distanced
Kestral wrote: Well if you want a Freedom Dividend, you can get that right away, it's called Buy Some Stonks.
Phrasing helps sell an idea.
Its silly but when dealing with voters who fall for easy answers and smears it can be partially countered with clever phrasing.
I'd rather voters didn't fall for smears or easy answers or fear of progress but thats not the world we live in. Yang is simply putting it in a format voters can equate with.
In fact in Rand McNally they wear hats on their feet and hamburgers eat people

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