Universal Basic Income is too basic

The Money Tree | Image: Shutterstock

UBI, Universal Basic Income, is wrong because it’s basic. The ‘B’ should stand for ‘Big’, not ‘Basic’.

UBI is basic because it’d be tax-funded. But a Universal Big Income big enough to replace wages could be funded by social credit.

The pandemic has shown there’s a money tree and it’s not magic. Historically, governments have allowed banks to issue almost all money – as debt. The consequent debt economy is inherently destructive, and governments are funded by tax – and borrowing!

If governments take back their right and responsibility to issue money, they can issue it as social credit. This would fund health, education and infrastructure – and could also fund a universal big income.

People would then be free to work as much or as little as they want. People might choose to work – for more money, for the pleasure of it, or as a volunteer.

With a generous state income funded by social credit, increasing automation would mean increasing leisure, as it always should have.

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