Universal Basic Income: “a bedtime story Elon Musk tells himself to help the super-wealthy sleep”

Billionaires’ commitment to lifting a growing underclass out of poverty is just a bedtime story that helps the super-wealthy sleep. These champion a scheme whose prime result will be their profit.

After reflections on automation, Helen Razer says sarcastically: “UBI is a policy gift that Musk and so many others in the C-suites of Silicon Valley offer us as part of their vision of a sustainable economic future.

UBI, says Facebook’s Zuckerberg and eBay’s Omidyar, is the patch for the economic problems of everyday people”.

Some points made in her article:

“It’s just peachy for him and his businesses, as it means his consumers will have more income to spend on his goods. (Not that he cares about money, of course. It’s all about innovation!) . . .” – the mildest of the snide expressions punctuating the article

UBI is ‘something they wish to impose on states and nations – on us . . . a hack that may well benefit its Silicon Valley advocates in the short-term, but compound income and social inequality for the rest of us for decades”.

The idea that an identical sum is paid by the state to all citizens as a right and not as a form of welfare or reward is one, we’re told, whose time has come: “This thing stands a real chance of being passed into national economic policy”.

Helen points out that UBI now has fans from the left, the right, and, in the form of Canadian prime minister (‘and poster-boy for photogenic progressivism’) Justin Trudeau, the absolute center . . . The fact that this prescription can come from both former George W. Bush speechwriter David Frum and former Greek finance minister Yanis Varoufakis stands to some as proof of its inherent theoretical strength. If an “erratic Marxist,” a neoconservative, and the guy who wants to send us all to Mars can agree, then partisan consensus for policy enactment is likely. It looks like a centrist solution.

She believes that UBI inserted into our current economic software is likely to raise prices on many everyday goods: “There is no way to guarantee that landlords or merchants will not raise prices to reflect the moderate gain in income. If you’re already well-to-do, a price increase in the residential rental market or at the supermarket is of no great consequence to you. On low earners, it’s likely to have a significant effect”. And ends:

“UBI evokes a sort of realist utopia. It is certain, for a time, to safeguard the interests of a powerful few. But in the long-term, it is likely to diminish the purchasing power of the many. A true social dividend would not be a small state stipend whose terms are set by the billionaires of Silicon Valley”.

WMNEG’s Jeremy Heighway, on receiving this link, commented on Helen Razer’s approach, ‘belittling‘ Musk and ends: “As it stands, I would much rather talk to Musk than Razer about issues of what I once coined “perishable work and lasting work”, in which the effects of work are at very different timescales for different professions. Bus drivers and builders may both be under threat from deep AI and 3-D robotic printing, respectively, snatching away jobs but presumably still leaving profitable companies and owners in place, but it seems to me that we haven’t even looked at how differently these jobs could be viewed in current concepts of sustainability, the structuring of societies, etc”.

 

 

 

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Posted on July 15, 2017, in Basic income, Financial system, Jeremy Heighway and tagged , , , , . Bookmark the permalink. Leave a comment.

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