A Simple Fix for Our Massive Inequality Problem

Re:A Simple Fix for Our Massive Inequality Problem by cholmon on Thursday November 30, 2017 @12:48PM (#15817739)

FTA, "It’s called a social wealth fund, a pool of investment assets in some ways like the giant index or mutual funds already popular with retirement savings accounts or pension funds, but one owned collectively by society as a whole. One that paid dividends not to the few, or even just to the shrinking middle class lucky enough to have their savings invested, but to everyone."

[ Parent | on HN ]

Re:A Simple Fix for Our Massive Inequality Problem by ccachor on Thursday November 30, 2017 @12:59PM (#15817865)

This sounds an awful like a privatized social security system (that everyone knows would be abused...)

[ Parent | on HN ]

Re:A Simple Fix for Our Massive Inequality Problem by frgtpsswrdlame on Thursday November 30, 2017 @01:21PM (#15818095)

What do you mean? It sounds like it's completely public not private. How would it be abused?

[ Parent | on HN ]

Re:A Simple Fix for Our Massive Inequality Problem by dragonwriter on Thursday November 30, 2017 @01:27PM (#15818151)

It's invested in private firms (SS is in government securities), and it's abusable insofar as it is possible for those making investment decisions to pursue personal or corrupt agendas rather than the public interest. Except for scale, it's not at all unique in this way, every fund where managers act as agents with other people's money has this as potential abuse vector, and while many operate tolerably well most of the time, abuses are a recurring thing.

[ Parent | on HN ]

Re:A Simple Fix for Our Massive Inequality Problem by crooked-v on Thursday November 30, 2017 @12:48PM (#15817747)

So, effectively the same thing as a basic income guarantee?

[ Parent | on HN ]

Re:A Simple Fix for Our Massive Inequality Problem by danans on Thursday November 30, 2017 @01:05PM (#15817926)

The end result is a basic income, but this is more about how that would be accomplished, and it ties the income to the wealth if the country.

The income is drawn from a dividend on a kind of sovereign wealth fund which would be gradually capitalized with government assets, increased wealth and capital gains taxes, and possibly directly via the Fed (rather than the Fed capitalizing private banks).

This is in contrast to other schemes that directly pay the UBI based on more progressive taxation.

In the end it is still redistributive, but it redistributes capital downwards and not just income.

[ Parent | on HN ]

Re:A Simple Fix for Our Massive Inequality Problem by gozur88 on Thursday November 30, 2017 @01:11PM (#15817998)

It wouldn't be a guarantee of anything, just a citizenship-based ownership of a big mutual fund.

[ Parent | on HN ]

Re:A Simple Fix for Our Massive Inequality Problem by ebiester on Thursday November 30, 2017 @01:03PM (#15817914)

https://en.wikipedia.org/wiki/Social_credit

Social credit is slightly different than minimum income in that social credit is tied to the wealth of the country rather than the cost of subsistence.

[ Parent | on HN ]

Re:A Simple Fix for Our Massive Inequality Problem by Epenthesis on Thursday November 30, 2017 @12:55PM (#15817822)

Similar. It's the 401k employer contribution to UBI's defined benefit pension.

[ Parent | on HN ]