Monday, April 08, 2019

A Truly Global Universal Basic Income

The global GDP stands at around 90 trillion dollars. The total wealth in the world stands at 280 trillion. There are eight billion people in the world.


If you were to install a Universal Basic Income for every person on earth of $100 per month, the cost comes to 800 billion dollars per month or almost 10 trillion per year. That is not a small sum. A 3% wealth tax would pay for it. Considering much of that 10 trillion would be spent, that would lead to a rise in GDP, wealth and income. The rich might harvest it all back. So the 3% tax would be a great investment.

But this would require a world government, a biometric ID for everyone on earth, fast broadband everywhere on earth, and universal access to digital money.

The US should also follow Modi's lead and announce demonetization. That would bankrupt numerous illicit organizations.

This 3% wealth tax is of existential importance. Too much inequality is like climate change. It will lead to collapse.


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