For and Against The Basic Income (an in-depth debate)

Resources for debate

Vocab:

means tested (you have to prove you’re poor)

gaining traction (becoming more acceptable)

precariat (middle class but in danger of becoming poor)

poverty trap (poor because poor because poor)

to counter (to try to solve, resist)

property ladder (the financial advantages of owning a house)

to cut it (to be good enough)

pilot (an experimental program)

plug the holes (fix problems)

printed money (money created to stimulate the economy – doesn’t come from any real productive activity)

pie in the sky (a utopian, usually foolish idea)

Before listening, write F if these are arguments for and A if against the basic income idea:

It’s the answer to unemployment problems

It will result in decreased productivity

It will support demand

It gives no incentive to work

It means fewer people will be paying taxes

It will help create social stability

It will make it easier for people to engage with their community

It would lead the state to dominate the economy

It would lead the state to borrow even more from banks

Security comes from hard work and owning a house more than steady income

It might work in a medieval society, but not in a modern one

There’s evidence that people who have basic income actually work harder and are more productive

Housing is not security in a volatile market

Lack of housing supply is a deliberate tactic used by politicians and therefore people need another form of security

Government stimulus is not good long-term for the economy - Basic Income is a long-term Government stimulus.

The government already subsidises the rich and the middle class with tax cuts and credits

It is simply unachievable in the current finance system

It will help raise wages

A lack of affordable housing is the real problem

Why give money to people who don't need it?

It guarantees no one misses out on security

It's too hard to decide who deserves state support, so just give it out universally

It can be paid for by taxing the rich at a higher rate, which needs to happen anyway

The current system will be too complicated

It's more important to fix the financial and tax system, which is the real problem

It will create an inflationary effect (wages, prices etc)

Raising incomes is not the main cause of inflation, it will not lead to inflation

Inflation can be controlled by the central bank

It will lead to more corruption between the state and the banks because governments will need to borrow from banks to maintain the Basic Income

It won't be inflationary if we pay for it with money we already have

We have made radical changes before – Democracy, Capitalism itself, Emancipation of slaves -  and they created huge progress