All durable goods under $10,000 are going to double in price with Yang's $12K dividend. So how do you respond? Raise taxes? Fvck no. Print more money. Weimar Germany Zimbabwe Venezuela
Would the result be any better for the poor? Financially literate people would see the writing on the wall and pile their dividend into stocks, real estate, gold and watch their assets inflate. The poor would use their dividends to make it rain in casinos, convenience stores and bars.
Cost of food has been falling because they put shittier stuff for cheaper. No reason to think that will change. Durable goods like... iPhones, old cars, etc... That's not going to magically inflate because there are multiple things that can be bought with $1000 And I agree, I will use the dividend to invest.
I'd like $12k per year as much as the next guy but........ https://fee.org/articles/andrew-yang-s-math-doesn-t-add-up-on-universal-basic-income/ $2.8 Trillion per year? Are you not capable of doing math? There's no point in arguing for or against it. The fact is, it's not possible. I'd rather see more tax breaks for the $30k to ~$200k income earners. Give something to the middle class because they're the ones that continually get screwed over. There are subsidies for the low income, there are subsidies for the high income. But there is nothing in between.
That's exactly what's going to happen. Suddenly, 30MM Americans will be thrust into the consumer class. Ask an Alaskan what happens to the store shelves in Anchorage when the yearly dividend hits their pockets.