Re:One way to fight a coronavirus recession: $1k for every A...
by BoiledCabbage on Monday March 16, 2020 @03:14PM
(#22596367)
> $4T a year, required to pay for monthly basic income of $1k to all Americans is much wilder...
"one-time payment of $1,000 to every adult who is a U.S. citizen or a taxpaying U.S. resident, and $500 to every child who meets the same criteria."
You're arguing against something nobody proposed. Please compare the numbers with whats actually being proposed.
$4T a year, required to pay for monthly basic income of $1k to all Americans is much wilder than $1T of tax not collected over 10 years, yes. The former number is 40 times larger than the latter.
> Then we've done #3 via re-introducing QE via the fed.
No, we've done only small part of 3) via QE. QE over its history had bought around $4T of assets, which is a far cry from what's required to pay every American $12k/year. QE also doesn't directly "print money", and so Fed buying $4T of assets has much smaller inflationary impact than actually printing $4T and giving it to the government or people.
What I want is for people to be honest about how much basic income actually costs, and where will that money actually come from. Quite simply, you cannot double federal government spending overnight by some clever accounting trick or increasing taxes on "the wealthy": there aren't nearly enough wealthy people to cover that.