Do you actually imagine that wealthy people are like Scrooge McDuck with a vaults full of cash in the basement, just sitting there, "doing nothing"?
Quite the opposite. I was saying that I suspect that most people keep their money in circulation, if for no other reason than to negate the effects of inflation. I was saying that if the Scrooge McDuck model were the case then increased taxes from BI would cause inflation, but I don't believe that's the case.
> I don't think that very much of it at all is genuinely out of circulation which could otherwise be brought into circulation through BI taxes
Re:We Need a Basic Income Guarantee
by vasilipupkin on Sunday September 01, 2013 @06:47PM
(#6312501)
Unfortunately, I think a lot of people believe that.
If people magically had more money to spend without anyone having to lose money to fund it, that would cause direct inflation (since the total amount of currency in circulation would be higher). The only way that happens is if the government starts printing a few hundred billion each month and handing it out to people.