December 28, 2016

A SIMPLE DISTRIBUTION PROBLEM:

Basic income makes more sense than ever in the Trump era (Chris Weller, 12/12/16, Business Insider)

According to the latest forecasts, jobs in America are poised to disappear much faster than new ones will get created.

A 2015 McKinsey report found that current technologies could feasibly replace 45% of American jobs right now. Two years prior to that, a report from Oxford University estimated half of all American jobs would fall to automation somewhere between 2023 and 2033. That's unsettling stuff when you consider unemployment rates would blow past those of the Great Depression.

That's why many basic income proponents say the system isn't just the most viable solution, but the only one. As more and more workers lose their jobs, advocates say it'll be up to federal and state governments to implement policies and reorganize tax codes that favor the out-of-work.

"There's a pretty good chance we end up with a universal basic income, or something like that, due to automation," Tesla CEO Elon Musk said in a November 4 interview with CNBC.

Robots can create far more wealth than humans ever could. Robots make more stuff, increasing the supply of those goods and thereby driving costs down.

In the future, society could have a surplus of wealth and millions of people out of a job. Basic income advocates like Musk say the way to reconcile those two outcomes is obvious: Spread the surplus equally.

"I'm not sure what else one would do," he said to CNBC. "That's what I think would happen."

Posted by at December 28, 2016 6:17 AM

  

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