this post was submitted on 09 Jan 2024
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Showerthoughts
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I dislike UBI but not because I'm not for a basic income, I just think Means Testing would be better. I've said this before but now after being the runner-up in my state for debating on this topic I feel more confident talking about it. Ultimately there are many ways of implementing fiscal redistribution but means testing is substantially cheaper than a full UBI (especially in countries with higher populations, e.g. US), while also providing social utility and enabling recipients of the basic income to have more resources. Not only is MT better from this standpoint but a UBI can also worsen inflation by increasing the dollar's velocity (1 dollar changes hands more). I won't deny that most people could use money, especially right now, but a UBI is not the best approach in my mind because of these reasons. Of course I am still in highschool, am not an economics expert, and MT was the plan that we ran in tournament so I'm a bit biased.
ETA: This is all keeping in mind the current political and economic climate of the United States, where realistically neither of these plans will pass but I believe MT has more merit to being passed compared to UBI. If you'd like any sources on what I've said I'd be happy to share!
How you gonna write all that and not even give a hint at what Means Testing is?
A means tested basic income is a type of BI that, as proposed by the institute on race and political economy in the US, expands the Earned Income Tax Credit program to include those who aren't earning an income, providing every adult in the country up to $12,500 per year calculated on a sliding scale based on income, as well as up to $4,500 per child. These numbers are as of 2021 so they could've changed by now, but basically it gives everyone a certain amount of money if they are below the poverty line (calculated by their current income), to lift them above the poverty line and keep them out of poverty.
It's more, I guess you could call it a niche, type of basic income so it's on me for not explaining it, just used to everyone in our debate season already knowing what it is lol, sorry.
How does this prevent the welfare trap, where working more has a lesser impact on revenue as welfare goes down? This seems to have the exact same issues as the current system.