You might be on the right track. We've been selling these ideas to the people who already want them, we need to expand the market!
I think that if people get to have Universal Basic Income, and society can be arranged to provide it without causing big problems to society, then it doesn't need to be tied to Automation in any way, and instead can simply be viewed as a core benefit of being a member of society. That seems like a more elegant approach.
People would not want to be told 'oh, it seems like we are going to scale back automation some, so everyone is going to only get 50% of the UBI they have been receiving previously'.
I fully agree with this, but I'm of the belief that in order to fund it, we need to tax the "labor" that companies are saving with AI. If a company names profit normally with humans, they are creating a system in which the government is getting paid twice, once on the income of the company and once on the income of the people. But if AI just takes half of that away, the country is missing out on trillions of tax dollars.
So what's the plan? Require all companies to disclose their electric bills and what they used that power for. If it's AI? Tax them a rate dependent on the size of the company and the size of the AI portion. This has the additional benefit of incentivizing companies to simply hire people again.
This will never happen but I can dream.
What I've seen as the most talked about part of this is, how are we going to pay for it. Of course, wealth tax has to be a huge part of it. We've seen the following work, so it's not hard to understand. The billionaires don't want it:
- Social Security, but the companies only are the ones to foot the bill
- Alaska dividends, same concept but of course, a lot more money.
- Medicare, Medicaid and people on disability.
So, this would be based on crypto? That's what I understand, like the stable coin. I have many questions that they didn't really cover.
It seems that the way the dividends come about is by loaning out money, your $3 becomes $97. Is that correct? If so:
- Who is handling these transactions and overhead?
- What if people don't pay back the loan?
- What if that money is stolen? Crypto can be easily corrupted and traced.
There's more questions. I'm not trying to shoot it down, I just want to understand.
Edit, is it still tied to SOFR?
However, it may still be vulnerable to manipulation. Banks can borrow and lend at biased rates in the wholesale funding market, which can lead them to profit in the much larger market for benchmark-indexed contracts.[8] It was therefore suggested that the lending costs of individual banks be published to increase transparency and deter manipulation.[8]
The Bank for International Settlements, which serves as the bank for central banks, said in March 2019 that a one-size-fits-all alternative may be neither feasible nor desirable. Although SOFR solves the rigging problem, it does not help participants gauge how stressed global funding markets are. That means SOFR is likely to coexist with something else.[13]
Not crypto. Just digital. So, centralized, subject to anti-fraud regulation, reversible transactions, etc.
Not loaned out. Explicitly marked as not-loanable. Which would be foolish in today’s market, because you’re losing out on a dividend. Except… the bank actually keeps most of the benefit from your deposit being loanable normally. This way, you get the benefit instead.
Basically, it allows depositors to compete against the banks. So they can’t take you for granted, because you actually have alternative.
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