Re:Universal basic income seems to improve employment and we...
by learnstats2 on Monday August 24, 2020 @03:31PM
(#24264489)
We've seen that the economy can take a ~30% shock to the headline figures - I'd guess that we would have formerly agreed that was to be considered "destroyed"... and in truth people haven't risked going hungry (any more than they were at risk before).
Political welfare decisions are protecting people (or not) more than capitalist incentives are.
I tend to align with the capitalist worldview. In a democracy where 'majority' rules, politicians can end up in a precarious situation where welfare blocks feeling marginalized can create an insurmountable opportunity cost perpetuating welfare policies. This could certainly destroy an economy if pushed too far. Strangely, either if non-working individuals couldn't vote or if the government system wasn't majority rule perhaps this trend wouldn't hold true.
All of that being said, we can't turn our backs on all safety nets as responsible policy makers. As for where the line should be drawn? Who knows. Just be wary of giving politicians the authority to decrease voter elasticity (the cost an individual incurs when they vote away a political party).