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.
@dougthecoach @corlin It's really not about hours worked vs. productivity imo. AI is good in certain areas to make a quality of life better like helping us maintain our environment possibly. But there are still plenty of things folks can do to make money. Eventually we just need to be Star Trek...
Fully Automated Luxury Communism
Nope not gonna happen.
Read:
A series of novels based on a future society of fully automated luxury communism.
People still strive, create, work jobs, and do things bad and good too each other.
@dougthecoach @corlin You know if things were to change for the better we could get there. First step is to create the replicator all will ensue after.
@corlin @MrGoat
That is... Science fiction? A genre that I like very much. I find Ministry for the Future by KS Robinson to be a more likely future scenario. His writing on economics in that book is hilariously on point.