The Universal Basic Income craze doesn't seem to be blowing over as I had hoped it might. I keep seeing stories about small-scale experiments with the concept (in America, something of the sort is about to start in Stockton, California). The craze includes quite a bit of commentary from the nominally libertarian end of the political spectrum. Today, it's Ryan Bourne commenting at the Cato Institute regarding UBI's effects on employment.
But if such a scheme were to be implemented, I would say that one immediate consequence should be:
Repeal of the minimum wage.
After all, the idea of a Universal Basic Income is that it's a basic income, right? Anything above and beyond it is gravy, extra. And since it's universal (everyone gets it), there won't be anyone who can't afford to live while getting paid whatever deal he or she can drive with an employer instead of there being a government-mandated floor, right?
Now, just to be clear, I am not going to burn my libertarian purist card and support UBI, which I consider both evil and cockamamie. It's not some kind of "trade" I'm saying should be "offered." I'm just saying that if the one does happen, the other should be required to happen with it.
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