Feb 12, 2017

Why Elon Musk Thinks Universal Basic Income Is Inevitable

Posted by in categories: economics, Elon Musk, employment, government

Elon Musk shared his thoughts on the future of jobs and the government’s role in a rapidly changing society.

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  1. NIPSZX says:

    Basic is the key word, because all that a universal basic income would do is inflate the normal prices to the level equivalent to the basic income amount. For instance, if a basic income of 12k was given to every single U.S. citizen every year. If the price of rent was 12k on average in the U.S. The price after the basic income distribution would be 24k. So the basic income would immediately become useless. It wouldn’t be so cut and dry since the inflation would come from multiple sources and streams and would eventually lead to an amount of inflation that was much greater than the universal amount distributed in the first place. That is why the term “basic” is used in Musk’s theory. The rich would still get richer because the 12k increase in the rent would go straight into the rich’s pocket. Thus, turning the basic income distribution into feeding the wealthy. All in the matter of seconds.