Why Guaranteed Minimum Income Simply Doesn’t Work!
Josh Sigurdson sits down with author and economic analyst John Sneisen to talk about the failure of “guaranteed minimum income” and why it simply doesn’t work.
As countries and towns throughout the world push trial runs of GMI, it’s important to break down what this will indeed lead to.
It’s quite simple really. When you extort tax payers, the hardest working people to give equal benefit to those who do not work, you cause there to lack any reason to actually innovate, it’s the “don’t feed the bears” notion in a nutshell.
But it’s more than just the psychological aspect that makes it fail. The economic and market side is the most important.
Understanding the most basic economics and market principles shows you that it’s Hegelian. It perpetuates the problem.
If you give everyone $2,000 a month, prices will quickly inflate and this will lead to $2,000 being less valuable and cause further volatility in the already incredibly manipulated markets.
In a free market society, prices will deflate due to more businesses competing for lower prices, creating better products, innovating and then creating a circle of success based on the demand of the individual with their dollar, leading to more employment and higher wages that go further when it comes to the price of living. This creates more options for everyday individuals trying to succeed themselves.
Charity becomes more realistic when one has more money in their wallet. Instead of extortion, people are able to put money in community pools by the voluntaryist ideology. Those who simply cannot work can be provided for by their community and people will have more money to spare for such charitable work.
Healthcare costs would be dramatically lower due to competition. Fewer people would be sick. Better innovations in healthcare would be available and for that reason, there would be less people to provide for.
Not only would people have more money to spare, but it would take far less money to provide for individuals.
With GMI, the middle class, those who are extorted the worst and are suffering the most will be forced into further poverty and we will see the final end to the middle class. That simply means more people being forced into GMI.
Why should the people who work the hardest be equal to those who work the least? The very capitalists that the collectivists hate so much are the ones the collectivists depend on via extortion.
It’s time to snap out of the mind set of “Why can’t I be successful?” and start asking, “What can I do to be successful?”
All this and more is chronicled in this video breakdown.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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