Serious question, didn't we have a glimpse into UBI w/ all the stimulus packages? I'm very open to discussion here because I'm quite naive.
My current lens is that UBI ultimately inflates prices leaving everyone back where they were before. The problem with openresarchlab's test is it's limited scope. It did increase the spending power of a particular group because the prices around them did not increase.
If everyone has more money the "open market" raises prices to simply meet that. The root problem is non-limited capitalism? The price of basic goods cannot be allowed to rise vs cash on hand.
I do believe UBI's ultimate goal is to increase "spending power", but simply giving money doesn't change the problem long term and thus UBI is doomed to fail in its current form.
An UBI that inflates prices doesn't leave everyone back to where they were before.
This is most obvious in the case of someone who doesn't have any money at all without UBI. This person can now buy things, and before they weren't able to buy anything.
Depending on how much money people make pre-UBI, there's a point where the inflation costs them more then they get.
Ah fair point, I hadn't considered that, but how is that better than welfare?
There is the welfare trap, but I don't really see us in a net positive position vs UBI because I see creating a bunch of inflation only to help the bottom 5%? I imagine there's a better way.