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Mark Zuckerberg Calls for Universal Basic Income in His Harvard Commencement Speech (fortune.com)
Facebook CEO Mark Zuckerberg has become the latest major tech figure to call for universal basic income as a solution for inequality, joining a growing chorus from Silicon Valley. From a report: "Every generation expands its definition of equality. Now it's time for our generation to define a new social contract," Zuckerberg said during his commencement speech at Harvard University. "We should have a society that measures progress not by economic metrics like GDP but by how many of us have a role we find meaningful. We should explore ideas like universal basic income to give everyone a cushion to try new things," he said. Zuckerberg told the class of 2017 that he was able to pursue his passion in Facebook because he knew he had a safety net to fall back on.
UBI has been getting more press lately and it's a little hard for me to see how it makes sense. It seems like welfare for everybody, regardless of need. IMHO it tries to solve the problem from the wrong direction. One of the most important things for human mental health is to have something to do. UBI does nothing to address that, and without opportunity the money will just be used for drugs far too often. Programs like the New Deal make a lot more sense. Paying people's expenses while they are in training also make sense. Blank checks require more personal responsibility than you can expect out of the population at large.
I read the internet for the articles.
... to let people starve in the streets, why not?
We run these patchworks of programmes to try to approximate the effects of universal basic income. Lost your job? Unemployment insurance. Chronically unemployed? Food assistance, welfare, etc. Homeless? Housing assistance / public housing / shelters. Too old to work? Pensions / social security, and in the US, Medicare. Too poor for health insurance in the US? Medicaid. Physically can't work? Disability. Job wouldn't pay enough to afford basic expenses? Minimum wage. On and on.
Isn't it about time that we just simply accept what we're trying to approximate, and just do it directly? Then scrap the patchwork of programmes that try to approximate it, and all of their overhead (ex: all of them), market distortion (ex: minimum wage), and perverse incentives (ex: trying not to earn too much to avoid losing benefits). People can reasonably differ about the amount that defines "basic needs", how much if any to boost people who "permanently can't work" vs. those who simply don't have a job for whatever reason, how to deal with dependents, etc. But it certainly simplifies the debate versus having a whole complex and inefficient patchwork to argue over.
You're treating a symptom while the disease rages on. The fish rots from the head. Why not cut off the head?
Perhaps he can take $60 billion of that and fund 10 million people with a $6,000 UBI all by himself? He'd still have that massive $3 billion to live on and feel guilty about...
Browsing at +1 - no ACs, I ignore their posts. So refreshing!
He doesn't need unskilled workers he can make slave away for pennies, knowing that their option is to either work 20+ hours a day for you or starve to death!
The world is going to come to an end if we actually had to pay people to flip burgers, stock stores and bag your groceries enough money that any person with a sliver of self respect would do it! If we cannot press people to slave labour anymore, our way of life is going to come to an end. People will have to bag their own groceries, like those Euros where minimum wage exists and you can't afford baggers!
We used to have a Bill of Rights. Now, with the rights gone, all we have left is the bill.
Facebook are one of a number of companies that have a habit of using exotic international tax vehicles to move profits from countries where corporation taxes are reasonable to countries where they are super-low. As a result of this, personal taxation in the countries where Facebook export their profits have to be higher. Which pushes down the standard of living for citizens in those countries.
I get that this speech was more about marketing and PR than actually intending to do anything useful, but in the event that Mr Zuckerberg would like to make a positive start to inequality, can I respectfully suggest that he pays taxes where they are due, and makes a declaration that Facebook will no longer use "international tax vehicles" to move profits around and thereby avoid paying taxes.
If Mr Zuckerberg and/or Facebook aren't willing to do that, then can I respectfully suggest that he is full of ####.
I think he knows it all too well.
First of all, please stop confusing economy and finance. At no point in history those two were further apart then today. Economy is about people doing and making things for each other. No money is needed for economy. If you need an example, look at any parent who raises a child.
Finance, on the other hand, is all about money. That money used to involve work, but the financial sector found out long ago that automatic gambling machines yielded more than actual work. The fiat money of today can be (and is) conjured out of thin air by banks and central banks. During the recent crises, central banks have made up more money than ever before, to stabilize their "hopes and dreams".
Alas they spent it on the wrong people. The European Central Bank, for example, buys "financial products" from internationals without ever caching them, they cant: it is their way of getting money into the virtual economy and caching would take it out again. In short, multinationals already DO have a Universal Basic Income. If you know that, why on earth would it be good to give it to multinationals and bad to give it to real people? Hint: real people might be lazy and greedy, but multinationals are guaranteed to be!
Nae king! Nae laird! Nae yurrupiean pressedent! We willna be fooled again!
You know, I am sure there are dozens of comments like this in this thread, basically saying "I bet he doesn't want to use his money for it!" You do realize that by calling for government action that he knows will require taxing the hell out of the rich, he IS offering his money. Right?
Ergo, my reference to the gun point, which is how all taxes are collected...
Let me ask a question. When you receive your electric bill or winter gas bill or water/sewerage bill, do you call it a forced bill "at gun point" from the utility company? Or do you just pay it because you're paying your fair share of bills for what you used?
Taxes are just our bill for our fair share of government and government services. It pays for military defense, a court system to allow you to file greviences against neighbors businesses or even the government itself, roads and bridges and other infrastructure, inspectors that ensure our buildings are constructed to code and food is safe to eat, and way more than I can list here. You use plenty of government services every day and don't even realize, so yes, you need to pay your bills for those services.
Now you could argue that our taxes are not always used wisely. I'd personally love to see our taxes go more to domestic programs rather than more middle eastern wars. And you might argue government is wasteful, and sometimes it is. But then I have a news flash for you, have you ever worked at corporate? Corporations are *at least* as wasteful as government services in many circumstances, so it's not particularly unique to government. If you'd like to see changes and waste cut, contact your representative and vote against them next election if they do nothing, that's why we're a democratic republic, we can vote and change things. At least you can do that, with private corporate control you have absolutely no say about what the CEO does.
So, of course, "UBI" and other attempts to forcibly "spread the wealth" to address the non-problem of "income inequality" are foolish and oppressive.
If you've never been poor I suppose you don't understand inequality, so let me give you a brief overview. Income is a huge part of it, but not all. Neighborhoods gentrify and rent increases meaning you must leave your long time neighborhood since you can't find a better job, because you don't have free time between 60+ hours a week job at several stores or money to attend college to get new skills. You might ask why they don't just buy a house. Good question! When your income is that low, you don't have the credit necessary to buy. Except landlords need to make money off of you, so their rent is almost by definition *more* than a typical mortgage (it has to be more than the mortgage to make a profit, right?). So you have to pay a lot and need more jobs. Many jobs are not on bus routes in my area, so you need a car. You get a cheap one at a used car lot, but since your credit is low, you don't get the typical 2 or 3% interest middle class gets, you get 8 or 10% interest, again having to pay *more* than middle class. But it's used car so you can make small payments over time so you try to make it work out. Then you get to work and your boss tells you to go home. They found someone new, or just plain don't like you, and they fire you on the spot. They can do that in many states because "right to work" really means employers have the right to fire you at any moment. Or even if you're not fired, it's a slow day, so he sends you home. Now you're short a day of pay, and your bills are stretched thin, so you can't make the car payment until the next paycheck. Now you're late and have penalty interest, and they possibly come to repo your car if you wait too long and they don't want to work with you. Or, you decide to take a payday loan on your next paycheck so you can have the money now rather than waiting two more weeks, so you pay your bills, but your payday loan was at obnoxious 25%+ and has to be paid back immediately at the next paycheck, which of course you don't have, so you sink into more debt. Which means your credit score dips lower, you have to pay even higher interest rates, now you don't even qualify for car loans and even rental units star