Jobs guarantee with income support in response to technological unemployment?

royal744

Ad Honoris
Jul 2013
10,757
San Antonio, Tx
I already said above. Social unrest. Fire and blood. It is starting right now and will only get worse. It can be delayed with bread and circuses (food stamps and reality TV) but it can't be held off forever.
Hm. “It is starting right now and will only get worse”. Where is it “starting right now”, exactly? The US is at full employment “right now” and businesses are concerned about where their new employees are going to come from. This full employment can’t last, but make hay while the sun shines.

If you automate everything, pretty soon there won’t be any customers at all with the jobs necessary to pay for ‘everything’.
 

royal744

Ad Honoris
Jul 2013
10,757
San Antonio, Tx
VAT is a regressive tax. Poor people pay a far higher percentage of their income in VAT than rich people do.
Is it like a US “sales tax”? That is a regressive tax because it’s the same for rich or poor in the US.
 

pikeshot1600

Ad Honoris
Jul 2009
10,008
@deaf tuner,

The "sacrosanct" financial sector of the global economy facilitates the movement of illicit, barely or totally untraceable money. Elites - and governments - benefit from a virtually unregulated movement of capital in different but similar ways.

1) Money laundering enables very large amounts of tax evasion as well as the hiding of illegally obtained wealth. When criminals, or economic elites steal financially, they tend to do so in a big way.

2) Governments very often go "off-budget" for important and expensive reasons when it is politically difficult (or legally prohibited) to do so. Oversight is both inconvenient and not always in governments' interests.

When I began a very late career in the securities business in 1996, I went to yearly required continuing education courses. One attendee asked why there was so much emphasis on detection and reporting of suspected money laundering. The answer was "Because there is so much of it that goes on." Since the early 2000s, after 9/11, and subsequently, the emphasis has if anything greatly increased. I won't go into anything about all the chat in current news about prominent issues of money laundering. Everyone can draw his own conclusions.

There are no debatable statistics on this for obvious reasons. However, it is probably far, far greater than in 1996, and also far, far greater than we all can know. Unregulated financial markets, global and domestic, facilitate more than just questionable investment products that hoodwink people, and often unsophisticated institutions, out of large up front fees and then throw them under the bus. There is an entire stealth economy that benefits only a relatively few people of power and influence - and those others who just get away with it .
 
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Chlodio

Forum Staff
Aug 2016
4,757
Dispargum
Is it like a US “sales tax”? That is a regressive tax because it’s the same for rich or poor in the US.
Yes, Value Added Tax most closely resembles a sales tax. It works a little bit different - tax is collected at multiple points along the production chain - but, yes, it's a sales tax.
 

royal744

Ad Honoris
Jul 2013
10,757
San Antonio, Tx
And how many people do this? The poorest people are using credit to pay for the basics of life, they can never get out of debt. Financial literacy needs to be taught in school. A lot of credit card users think that they only need to meet the minimum payment every month.
I do it every month.
 

pikeshot1600

Ad Honoris
Jul 2009
10,008
Not sure how much that helps to bring down the four trillion dollars of consumer debt in the US. Credit card debt accounts for a quarter of this.
Four trillion in consumer debt? Chicken feed! Let's securitize it and sell it as another voodoo investment.
 

Dan Howard

Ad Honorem
Aug 2014
5,021
Australia
Hm. “It is starting right now and will only get worse”. Where is it “starting right now”, exactly? The US is at full employment “right now” and businesses are concerned about where their new employees are going to come from. This full employment can’t last, but make hay while the sun shines.
What is the point of a job if it can't cover the basic costs of living? If the US economy was going great, we wouldn't be seeing:

record levels of credit card debt
record levels of auto loan debt
record levels of student loan debt
record levels of suicide
record levels of drug addiction
record levels of retail store closures
the highest levels of agricultural bankruptcies since the GFC.
the average wage earner unable to afford a house in 70% of the country
around 75% of the population is living paycheck to paycheck.
around 75% of the population is in debt and half of those think they always will be.
around 70% of the population has less than $1000 in savings and 39% has none at all
around 22% of the population can't afford their monthly bills so are using credit just to meet the basic costs of living.

And this hasn't touched on the pension fund and social security insolvencies.

If the economy is going great with this "full employment" nonsense then the above is as good as it can get. What will happen during the next downturn?
 
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pikeshot1600

Ad Honoris
Jul 2009
10,008
The US is "at full employment" with a lot of $15.00 per hour jobs and no benefits. Full employment is all political eye wash. The broader US society, outside of big money jobs, is in crisis - in more ways than one.
 

tomar

Ad Honoris
Jan 2011
14,099
Yes, Value Added Tax most closely resembles a sales tax. It works a little bit different - tax is collected at multiple points along the production chain - but, yes, it's a sales tax.
Yes , you are correct... although it is more complex with regards to companies... But for the consumer that is what it looks like

Which is one other reason why whining that it "affects the poor more than the rich" is silly... its like complaining that a product costs the same for the poor and the rich.... Will Apple see its i phone to one at a discount if one proves their revenues are low ?