Re:Universal Basic Income is Capitalism 2.0
by londons_explore on Thursday July 30, 2020 @05:46AM
(#23996268)
> Some people will mess up. They could spend it all on an addiction or just make a bad investment.
The solution to this is easy... Low friction bankruptcy. If your UBI is paid daily, and one day you mess up and gamble it all away and get big debts, that should not stop you spending tomorrow's UBI on food.
Today, debts chase people for years or decades, and keep the poor poor. The fix is to let bankruptcy be something you can sign up for online in an hour. Then, if a debt shows up, you simply show them the bankruptcy certificate and walk away. The creditor then has to do all the work of finding any assets you owned at the moment you got the bankruptcy certificate and using them to pay off any debts.
The solution to this is easy... Low friction bankruptcy. If your UBI is paid daily, and one day you mess up and gamble it all away and get big debts, that should not stop you spending tomorrow's UBI on food.
Today, debts chase people for years or decades, and keep the poor poor. The fix is to let bankruptcy be something you can sign up for online in an hour. Then, if a debt shows up, you simply show them the bankruptcy certificate and walk away. The creditor then has to do all the work of finding any assets you owned at the moment you got the bankruptcy certificate and using them to pay off any debts.