Author Topic: Andrew Yang  (Read 9283 times)

LC

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Re: Andrew Yang
« Reply #120 on: January 14, 2020, 10:11:04 PM »
Another inconsistency, where is the outrage at the Fed's financial welfare? They have been backstopping asset prices for years now with QE, slashed rates, and now repo injections. The real welfare queens are all of us with substantial asset holdings.
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Castanza

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Re: Andrew Yang
« Reply #121 on: January 15, 2020, 06:01:17 AM »
The UBI is really the only solution because anything more complex or sophisticated, and thus better fitting, is not feasible given all the red tape and bullshit posturing that always has to occur in order for anything to get done.

Its part of the reason private sector does things better. Government officials need something to tout in one giant 5-6 word headline so they can bring it back to their idiot constituents and those idiots can understand it. Free stuff is easier to explain than "available to those that need it and are doing enough to warrant it", even though conceptually we know both are pretty much the same except the latter would be more precise and a better use of funds.

I would be much more on board with UBI if it was only for those below the poverty line. If the goal is to life people out of one class and into another then why are we subsidizing every class? Surely $1000 in your hands (or anyone on this board) every month is advantageous over the guy making 25k a year. While Daryl the factory worker is spending it on groceries and gas everyone else will simply be contributing to wealth building. Every couple will be able to fully fund Roth IRA's. Maybe it's time to radically raise the Social Security collections age?

How will corporations react to this? Will we see further wage growth stagnation because they know that people are getting an extra 12k a year? Potentially leading to more government involvement in private business. What will happen to prices (rent and potentially consumer items). What will this do to the loan industry? There is no doubt that predatory lending will accelerate knowing there is 1k every month to work with. Then what happens in a slow down when you have millions of loans built on the premise of free guaranteed government money?

Unintended consequences are a huge concern that should be addressed. I just think we can do better than UBI and shouldn't settle. But yeah as you said, it has to be something that is marketable to the masses so you can get the votes. A plan that requires commitment and hard work likely wont ever pass.

Cigarbutt

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Re: Andrew Yang
« Reply #122 on: January 15, 2020, 06:29:45 AM »
Whatever is done should not screw up the market system but the potential threat here is that the redistribution to decent citizens who have limited skills has not been working out (progressively less and less so) in an efficient way. The government is the problem but also the solution. I understand that messing around with personal responsibility is wrong until proven otherwise but for those benefitting from the system to a disproportionate degree, it may useful to think of necessary reforms as an investment to preserve ‘our’ market system.

It seems to me that measured reforms regarding negative income tax, paid apprenticeships and others should be pro-actively supported by all people that benefitted from QE and other similar measures and reasonable reforms timely applied seem to be superior to simply waiting that ‘others’ decide that UBI, helicopter money or modern monetary theory changes need to be imposed somehow.

Unsustainable balances tend to balance over time but ways to achieve that have varied. I like the way Mr. Ray Dalio thinks about this topic and recently, unfortunately, have come to the conclusion that what’s oncoming will be eventful. Good luck to all. This too shall pass.