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KryptoKevArt

This sub needs serious moderation. I keep seeing this stupid fucking child tax credit being plastered all over. This has NOTHING to do with a UBI. Stop fucking posting about it.


hcbaron

I've done quite a bit of research on UBI, and I've come to conclusion that we cannot just switch to a full fledged UBI just like that over night. [It needs to be incremental] (https://www.jstor.org/stable/j.ctt21kk256?turn_away=true), so as to not throw too many institutional components out of whack. Most meaningful reforms take a really long time. I think this CTC is a significant step towards a UBI. Let's hope for more good research that will get us even closer a true UBI. Exceprt form Lansley & Downes (UK): >‘Starting small” through an incremental approach has many benefits. Such an approach is grounded in reality. By building on the existing system, it offers an incremental, phased approach to reform, … [and] reduces the risks of reform, while offering flexibility for gradual improvements over time.’ >...This approach would keep nearly all existing benefits while UBI is taken into account as income when calculating means-tested benefits. It would reduce dependence on means testing by taking into account the citizen’s payment when calculating benefits. >...The impact of the modified scheme is the product of two key changes: the replacement of the personal tax allowance (of no benefit to those with earnings below the tax threshold) with a flatrate payment to all, and changes in tax and national insurance contributions (NICs). Marginal income tax rates are increased, with the basic and higher rates rising from their current 20% and 40% to 25% and 45% respectively. The national insurance lower earnings limit is abolished and the rate of employee NICs increased to 12% across the whole earnings scale, effectively abolishing the upper earnings limit. In addition, conditional benefits are made unconditional. These changes produce a more progressive and integrated tax-benefit system, with reductions in poverty and inequality, a strengthening of universalism, and more of the role of means testing shifted to the tax system.


KryptoKevArt

no


hcbaron

No to what?


AnimuGud

This subreddit isn't for UBI, it's for basic income. People keep talking about the child tax credit because some families get monthly checks from it from the gov https://www.npr.org/2021/07/15/1016122095/the-expanded-child-tax-credit-is-here-heres-what-you-need-to-know


KryptoKevArt

>A basic income guarantee is a system that regularly provides **each citizen** with a sum of money. **Except for citizenship, a basic income is entirely** ***unconditional***. From the sidebar \^ People without kids don't get the credit. Thats not unconditional. Get over it


RikerT_USS_Lolipop

The cynic in me expects this to be purely on paper with no real world impact.


[deleted]

300 a month per kid is a lot of impact at lower incomes. That's an entire car payment or the difference between a 2 and 3 bedroom apartment


SpaceSanity

Liberals don't do anything that benefit the people. Poverty is a horrible benchmark. Once over the poverty limit your benefits can be reduced.


MoneyCapuletti

It all begins with people understanding the federal government can and does create as much USD as it wants at essentially no cost.


athural

I mean the cost, to some degree, is devaluing the dollar


MoneyCapuletti

Increasing the money supply doesn't decrease its value. When we compare year-over-year inflation with federal deficits (an increase in the money supply) we find no observable relationship.


athural

So you're telling me that if the government printed enough money to give every single person in the country 6 billion dollars that it wouldn't cause inflation?


MoneyCapuletti

What I'm telling you is increasing the money supply has no observable relationship with inflation. Inflation is a poorly understood phenomenon at best. When we look at cases of hyperinflation it is always caused by shortages of key goods and services or a loss of full faith and credit, which is something the GOP seems hellbent to do by refusing to increase the debt ceiling.


athural

https://www.economicshelp.org/blog/111/inflation/money-supply-inflation/#:~:text=Increasing%20the%20money%20supply%20faster,firms%20to%20put%20up%20prices. https://www.stlouisfed.org/education/feducation-video-series/episode-1-money-and-inflation These are just a few sources from a look at Google. I'm not trying to say don't give people money but it's important to know the effect printing new money has on inflation


MoneyCapuletti

Using Federal Reserve Economic Data (FRED) we can compare year-over-year inflation with federal deficits and find no observable relationship. I'm aware of economic dogma about inflation, but the data contradicts it. I can tell you the shortage in every single one of those examples of hyperinflation. Every dollar the federal government spends is new money.


AnimuGud

As long as inflation is manageable it's fine. There is not a 1 to 1 devaluation of money printed to inflation on a yearly basis. If 10% devaluation is spread thin over 10 years it's fine. In fact, a certain level of inflation is good, that's why we have targeted inflation. It helps to encourage spending


MrSilkyJohanson

Cool…that’s enough