The Insane Stupidity of UBI
Key Insight: UBI fails because money is a claim on other people's labor, and when everyone stops laboring, there's nothing left to claim — you can't redistribute production that no longer exists.
Hotz argues that Universal Basic Income is fundamentally flawed because its proponents misunderstand the nature of money and economics. He contends that UBI experiments only work at small scale because recipients spend money in an economy where producers aren't also on UBI. At universal scale, he claims UBI would cause massive inflation and reduced production as workers quit, leaving everyone worse off. He frames UBI advocates as people who see themselves apart from society, not understanding that goods require labor to produce. His alternative prescription is simply making everything cheaper to produce, though he notes regulatory obstacles prevent this.
9There already is UBI in the world for some people, it's called allowance. It's for children and high-end prostitutes.
7Want to buy eggs? Sorry, the egg people stopped making eggs, they are living free on UBI.
7They don't know where stuff comes from, it might as well be the stuff fairy that puts it on the supermarket shelves and sets prices.