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Originally Posted by sebastian_dangerfield
You cannot tax the winners in trade (or tech, which I believe is the much bigger job killer) adequately enough to cover the general obligations govt promises to all of its citizens, and also provide special relief to provide a dignified life to those unique millions suffering as result of tech and trade. There's simply not adequate $$$ there.
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You can. You mean you won't (and we won't).
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I prefer a massive debt workout. Cancel all unsecured and student debt.
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So you're not interested in those who can't compete in a modern economy and instead want a hand out to the middle/upper middle class? Because cancelling student debt is wonderful for people like us (actually, I just paid the last of mine, so not me personally) and does nothing for the rural or working class poor.
They'd probably get some benefit from cancelling credit card debt, but again, the bigger debtors are going to have bigger incomes, meaning you're again going to disproportionately benefit those who are better off.
Then then there's what you mean by "cancel." If you mean have the government assume, you're probably talking about bigger obligations than UBI scheme. ETA: Numbers pulled off the internet suggest total credit card and student debt to be around $2T, which is enough to give $6,250 to every person in the U.S.
If you literally mean "cancel," you're going to have a signification taking issue (I think) and you're going to create a significant bank run.
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Wipe out the overhang holding us back
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I don't know why you think there's de-leverage still to happen or that what's currently holding back growth is a lack of available credit. Doesn't feel like credit is hard to come by to me. And we've already had a bunch of deleveraging (did I mention I paid off my student loans?).
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I mean, if we're going to talk guaranteed income, we might as well go full radical, no?
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There's nothing particularly radical about guaranteed income.
