Our take on the Young American's for Liberty conference, and why a UBI is not "Freedom"
Good Morning Liberty
Shownotes Transcript
We spent the weekend at the Young American's for Liberty conference in Memphis, TN. If you haven't heard of them before, check out their website at www.yaliberty.org
In the recent Democratic debate we were able to hear presidential candidate Andrew Yang's plan for a "Freedom Dividend," or otherwise known as "Universal Basic Income(UBI)." This is not a new idea. In fact, even one of my favorite economists, Milton Friedman, was in support of a UBI as a replacement for the current welfare system. Yang's proposal would give a direct payment of $1,000 per month to every American above the age of 18. Rich, poor, white, black- it doesn't matter. Everyone above the age of 18 will receive this "Freedom Dividend." The US Government currently spends $668 billion) per year on welfare programs. Remember, "welfare" is just one portion of the social safety net. That number also does not take into account what state's spend on welfare; another portion of the equation that is likely to change under a UBI system. The most recent count on the amount of adults in the US above the age of 18, has the number at 247 million. A $1,000 payment to each of them would cost 247 billion per month. That's 2.9 trillion per year to fund the "Freedom Dividend," without the administrative overhead costs. Andrew Yang's UBI is proposed to be covered by a Value-Added Tax (VAT) of 10%. A VAT would be paid by business owners in the production phases of their products. Currently, the US does not have a VAT system in place. To re-phrase the VAT- A tax will be put on business at production, to be given to the people for consumption of their products.
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