antipaucity

fighting the lack of good ideas

following-up to my ubi mindwalk

I omitted something kinda big when I wrote my one-time UBI proposal last year.

I neglected to address welfare reform.

Welfare would have to be changed for UBI to even have a half a prayer of working.

The “easy” way to do this would be to phase-in reduced welfare benefits on a prorated-equivalent basis for the UBI payment you receive.

Surely there are many other ways to address welfare as part of the one-time universal basic income – suggest them below!

Do I have to participate?

And I missed a second point, too – this should be something you can opt-out of. Just like I wrote about Social Security lo those many moons ago.

No one should be forced to participate – though I strongly suspect most people would rather participate than not.

What about when the program starts?

A third missed point in last year’s thought experiment – a prorated one-time UBI for every citizen over 18 when the program starts. Take the average life expectancy of a USian of, say, 75 years. Subtract 18 to get 57 – there is your basis “100%” one-time payment.

There also needs to be a phase-out cap on one-time benefits at age 74 (ie, when you turn 75, you are no longer eligible to receive a payout).

Now take your age, subtract 18, and divide by 57, and subtract from 100% to get your prorated payment. Are you 27? (27-18)/57 = ~15.8%. 100%-15.8% = 84.2%.

84.2% of $100,000 is $84,200.

Same process if you’re 50: (50-18)/57 = ~56.1%. 100%-56.1% = 43.9%.

43.9% of $100,000 is $43,900.

What if you’re 80? Congratulations! You’ve outlived the average American!