NEW VIDEO: Universal Basic Income Explained – Free Money for Everybody?

Loved this one 🙌🏼 so much that I decided to join on Patreon! 😊

dadsplaining

cool videos

SHON JACOBSEN

www.patreon.com/arianale

Ariana

Hi I'm from India who wanted to do something good and make short films and Graphic Designs for the people to enjoy with good content but talent is not the only thing we need to bring out our art it needs money so i'm here to be a part of my creative journey and little in need of upgrading my PC and other accessories as i'm a student i depend on income like to work better and learn more so that i can deliver good stuff. www.patreon.com/abhiroop7

Abhiroop

You can't raise your prices because your customers will buy from your competitors.

Mike Spalding

Despite of supporting the UBI, I fear that inflation will be a real problem. Currently, prices rise not only because they have to answer to the cost of production, but also because of greed. If I can make my customers pay more for the same thing, why wouldn't I? If they have more money, I could rise the cost of basic products because they will always cut their spending in luxuries rather than stuff like bread, milk, or the rent.

Arkonor

❤️

Michael Finney

I love you all. You’re awesome. 👏

Michael Finney

First off, we don't need to highly tax the rich in the US. The US has about 260M adults, so we would need about $3.12T for UBI. Social Security and Medicare account for about $2.5T of the Federal budget + about $0.8T in various state budgets. We could outright exchange SS + Medicare for UMI with limited or no changes in taxation. Plus you could kill things like affordable housing, food stamps and unemployment insurance for an even bigger pot. Now I admit this isn't perfect. There are lots details: Some programs for the disabled or mentally ill might break the floor and cause people to receive extra aid. But overall, the numbers indicate that we are at least in the right vicinity in terms of available tax dollars.

Gaëtan Perrault

Great video, but taxing the rich isn't viable. If you taxed Bill Gate's $90bn net worth by 100% and divided it between everyone in America age 18 or older (roughly 250 million people), everyone would get about $360 ONCE. Yes, there are more rich people, but there aren't nearly enough to sustain a UBI. Especially if the rich ditched the country when unsustainable taxes are impending.

"We could eliminate fear, panic and existential dread for a large portion of the population." That right there is probably why it won't take off outside of city-sized 'experiments' that, for one reason or another, just WON'T BE CONCLUSIVE ENOUGH. *sigh*

Dissident Love

To be clear, inflation will still happen for other reasons. I mean, most countries have entire organizations dedicated to ensuring that inflation happens. I think the point was to call out that this change would not itself be the direct cause.

Gaëtan Perrault

I love that you are making more social subject, they also benefit from your great animation style and your great pedagogy :)

X-Raym

Agreed, in the US, even a Minimum Basic income is statistically difficult... of course, the proposed 2018 budget (as of Dec 2018) is actually $4.1 trillion dollars, so that number is not impossible. <a href="https://en.wikipedia.org/wiki/2018_United_States_federal_budget" rel="nofollow noopener" target="_blank">https://en.wikipedia.org/wiki/2018_United_States_federal_budget</a>

Gaëtan Perrault

"...but for successful people they pay out in tax more than they get in UBI" I mean, that's kind of the point of all taxes. I'm a high income earner, I pay out way more in Medicare than I will ever be able to receive back. Same thing for Social Security. And these are the two biggest parts of the US federal budget. Any UBI implemented in the US would have to replace most of Medicare and Social Security. So the above situation will continue to be the case. If you're annoyed about the "successful people" problem under UBI, you're already annoyed about Medicare and Social Security. It's the same problem. So I appreciate your concern, but it's kind of irrelevant. Pretty much every taxation system we propose is going to come up against the same problem. If you think UBI is bad, then the existing system is also bad. Do you have a more constructive idea for ensuring that people with poor parents don't live a life of misery based on birthright?

Gaëtan Perrault

I like that this could replace the hundreds of welfare programs and millions of bureaucrats. I like that eliminating current programs will pay for the UBI. Oh wait, $12,000 x 300 million people = $3.6 trillion!! And our current taxes that pay for everything are only $2.2 trillion. Worse, there will always be pressure to increase the UBI.

Mike Spalding

Love the videos, sad to say this might be the first one I fundamentally disagree with. You mentioned for people with low income a UBI never punishes work, only rewards it, but for successful people they pay out in tax more than they get in UBI. I think its unjust to punish people for being successful. I think you really glossed over that issue and also the issue that you would either have to raise taxes on all families earning over 500 K annually by around 12 percent, or tax the things they all ready own, both of which seem unfair to do when they already pay 40% income tax. That would be over half of all they make. Ignoring the arguments of rich people are often highly charitable and taking away they're ability to be charitable directly and the dangers of passing it through bureaucracy, it just doesn't seem fair to tax over 6 million Americans to pay for the other 317 million. Edit: Typo

Zach Grubbs

I love your videos. Great initiative.

Finally decided to support you on patreon. Your videos are always super well made and narrated. Hope you can keep growing and get more support over time!

Roland Deml

Love the video and love this concept!

Wonderful video!!

Fantastic video! If only it had come out like a month ago, instead of on the day my research paper on UBI is due. :) In all seriousness, this was great and I love that you always cover both sides of an argument, at least to some extent. I personally would love the implementation of a UBI, it would allow me to comfortably afford school and work only part time, instead of full time as I do now. More free time would mean I could take more classes per term and get my degree sooner, or just simply be less stressed about getting my schoolwork done. Keep up the fantastic work on your videos!

Brandon C. (Keronin)

I think they did that already, or maybe I'm thinking of another video I watched... Sorry now while writing this I realise it was another video, I will look for it and post it here. UBI and robotics is linked at the hip, so it's a good observation 🙂

Anders Olesen

Congrats on completing this one and thank you again for covering UBI! I hope millions of people become more familiar with the topic thanks to this video.

Scott Santens

Another excellent video! Thank you for continually putting out such quality content!

Michael Pozzobon

Amazing and informative as always. My favorite channel.

Daniel Jones

Great job! I signed up when you first announced that you were going to do a UBI a few months ago. Worth the wait!

I really like the idea of UBI (because I believe it will be critical for an automated/AI future), but there is one part of your video that really bothers me. You said that inflation will not occur because you're not making new dollars, you're just redistributing it, but then shortly after you said a study claims the GDP would grow because there's more spending. Sounds like you're cherry picking, honestly. UBI would be extremely hard to implement in the US, but it will be necessary at some point so it's good to continue the discussion so we can be ready.

Very insightful video, and I feel like there's a sequel to be made including the progress in robotics and how this and the UBI could interact.

Lattie

This is perfect timing! I've been wondering about this topic and researching it for the past week. Can't wait to watch it! 😁

Hawkfrost

Awesome work Kurzgesagt, we only hope that our videos can reach your level, team FortyTwo recently donated on your patreon as we get more our own patreons we will donate you more &lt;3, we want to give you something back in return for giving us inspiration to make our own stuff.

FortyTwo