I've seen people bring up basic income when such concerns are raised. I myself am undecided on how effective it would be, but it seems like now is a good time for conversation on the matter to begin.
So am I. It's a fascinating idea that could be the most important improvement to our economy since the introduction of the labour market, drastically reducing poverty and increasing socioeconomic mobility.
Or it could cause widespread inflation and tank the GDP. I'm not sure anyone really knows which way it would go. I think the only way to know is to try it out on a small but representative subset of the population (e.g. 1%), then a larger subset (e.g. 5-10%), before doing a full roll-out.
Yeah, I can see it swinging either way. However, the alternative of not doing anything could be just as catastrophic. Politicians always talk about creating jobs as if it were the goal. Jobs are just a means to an end, and creating jobs for their own sake is not only inefficient, but something that can't hold out in the long run.
So am I. It's a fascinating idea that could be the most important improvement to our economy since the introduction of the labour market, drastically reducing poverty and increasing socioeconomic mobility.
Or it could cause widespread inflation and tank the GDP. I'm not sure anyone really knows which way it would go. I think the only way to know is to try it out on a small but representative subset of the population (e.g. 1%), then a larger subset (e.g. 5-10%), before doing a full roll-out.