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.
@Thumprhare
The best time to start would be today. I strongly advocate reading Stephanie Kelton's stuff on #MMT--I had a whole stack of her stuffed saved on 🐦 .
The tl;dr version is that govt does not *ever* spend tax revenue. The "pay for it" argument has always been a diversion.
@dougthecoach I meant realistically happening with the state and federal makeup what it is…thanks for the stack. I will dive in soon, hopefully
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.'
@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 Some folks do need some extra help and it's not their fault usually. @dougthecoach
@dougthecoach what’s your timeline for that…cuz, I don’t see it happening in the next 5 years or more.
Corporations need to actually pay taxes for it to work.