The recession that is certain to result from reducing aggregate demand through interest rate increases will require direct intervention in the form of a guaranteed minimum income or #UBI. The sooner we get to that point the better off will be the vast majority of humans who need to work for a living.
Hmmm.
I slightly disagree.
Full Job guarantee is much better in both the short run and the long term then UBI.
Federal funded, but administered locally at the county level.
Of course we also need to support those that can't work.
@corlin Yep, this is what Kelton talks about as well, but I think it misses another largish problem: that "work" as in full wage, full time employment has been decreasing for some time, and advances in AI are going to accelerate that.
Coming out of the pandemic-induced recession, the economy reached the 2019 level of production with about 10% fewer "hous worked."
I think we are going to need some version of #UBI.
Not for a while..
and maybe never..
Ai Is NO threat in the near term.
Add in Environmental restoration, and Clean Energy transition.
@corlin
The thing we are all going to have to come to grips with is that moving off of fossil fuels at the speed necessary to avert EOTWAWKI level crisis is going to end a lot of work, and not create nearly as much as we need to give all the people who need it 'full time work.'