What would you spend an extra $6000/year on?

[99percenter]

buy some gme.

 

[Kushinator]

Basic Attention Token

 

[Logophile]

Hmm... are you surprised that so few starving homeless folks are posting on DP?

Shocked. Thanks!!

 

[swing_voter]

Probably pay off loans quicker. House, cars, etc.

 

[Chomsky]

I genuinely appreciate all the responses! I'm informally categorizing the responses in my brain.

My point, as some may have sussed out, is that is what a universal basic income is about. If we gave $500.00/a month to every working age American (about 200 million Americans), that would amount to $1.2 trillion a year. Without making any tax changes, that would actually reduce government outlays in a variety of programs - TANF, foodstamps, unemployment, Medicaid - and improve the quality of life for every American. Even those that don't have any need for that extra $6000.

As many have highlighted here, it would allow travel, purchases, and saving for retirement that are otherwise out of reach. Those are important economic activities that also generate tax revenues - fuel taxes, sales taxes, travel taxes, vehicle taxes - and also reduce the need for many government programs. Studies show it improves employment and upward mobility, and, more importantly, helps in emergent conditions. Food for thought.

Please, more examples. This is a thought experiment for me.

Damn, NWRatCon - you think just like me!

I'd give everyone a minimal UI, along with a solid national healthcare program. I would do this in lieu of the current plethora of social programs, especially the means-tested programs. There's nothing less productive than means-tested social programs!

 

[Artymoon]

Pay of debt so I can get to retirement quicker!

 

[Checkerboard Strangler]

Oh come on. Surely not the weakest. Aside from which, I don't see much in the way of "profound implications." No poster so far has said something like, "I'll eat a decent meal," or "I'll find a place to live," right?? Thanks!!

I'm almost sixty-four years old and I figured out how to secure a decent home, adequate food and the rest of the basics a long time ago and I am semi-retired. The "person" you're describing was me back in late 1977 but....

SURPRISE!!!
I had all that secured BACK THEN TOO...on a MINIMUM WAGE DISHWASHER job at a greasy spoon while going to college.
And so for people who are in the position TODAY that I was in back in 1977, this $500 monthly UBI would basically put many of them in that same position, namely being able to bootstrap better options through increased upward mobility.

I didn't eat WELL but I did get "enough to eat".
My living accommodation consisted of a tiny bachelor pad apt appx 10 ft X 12 ft for $110 a month, pretty crappy but warm and secure.

 

[ttwtt78640]

Damn, NWRatCon - you think just like me!

I'd give everyone a minimal UI, along with a solid national healthcare program. I would do this in lieu of the current plethora of social programs, especially the means-tested programs. There's nothing less productive than means-tested social programs!

What could possibly be a better idea than rewarding individual socioeconomic failure with means tested “safety net” program benefits?

 

[Patriotic Voter]

I would buy a new Windows computer with the permanent version of Microsoft Office, speakers, and a separate mouse and keyboard first, along with Adobe Photoshop. The only reason I have an iMac is I could not buy it myself so only my mom could choose it. My computer works fine, but I absolutely HATE the operating system and always told myself I will never have an Apple computer. After that, I would spend it on adopting two kittens and al cat care expenses.

Correction: After buying all the computer stuff, I would have major renovations done on the unit. Some might seem minor to you, but the reasons I live with my mom do not include agreeing with her on all condo renovations and interior design decisions. Some things are not negotiable even though I don't like them at all. After that I would adopt two kittens, which do not necessarily have to be littermates.

 

[JMR]

I'd give it to the kids.

 

[EMNofSeattle]

I genuinely appreciate all the responses! I'm informally categorizing the responses in my brain.

My point, as some may have sussed out, is that is what a universal basic income is about. If we gave $500.00/a month to every working age American (about 200 million Americans), that would amount to $1.2 trillion a year. Without making any tax changes, that would actually reduce government outlays in a variety of programs - TANF, foodstamps, unemployment, Medicaid - and improve the quality of life for every American. Even those that don't have any need for that extra $6000.

As many have highlighted here, it would allow travel, purchases, and saving for retirement that are otherwise out of reach. Those are important economic activities that also generate tax revenues - fuel taxes, sales taxes, travel taxes, vehicle taxes - and also reduce the need for many government programs. Studies show it improves employment and upward mobility, and, more importantly, helps in emergent conditions. Food for thought.

Please, more examples. This is a thought experiment for me.

You’re already wrong. It wouldn’t reduce government outlays at all since all the programs you think UBI will supplant are run by unemployable beta males and feminists that are themselves basically welfare recipients and they will fight like hell to keep administering their programs. Then there is activists groups that will lobby that UBI not be considered income for welfare eligibility, then there is the fact many of the poor have terribly money habits or other problems and will simply blow the money. So the activists and administrators of the programs will go “see look the UBI isn’t enough”

 

[Logician Man]

Charity

 

[NWRatCon]

What could possibly be a better idea than rewarding individual socioeconomic failure with means tested “safety net” program benefits?

I suppose we could stick with the mean sociopathic programs preferred by conservatives that reward antisocial activities...

 

[Antiwar]

I would work on a nuclear weapon cell phone app.

 

[PeacefulWarrior]

Right now I have enough money, all of my needs are met and I have disposable money for recreation.
Certainly not "wealthy" by a wealthy mans standards, but not worried about my next meal and have enough to take vacation etc if I choose to. Right now been staying pretty close to home on account of COVID and a couple of elderly dogs that I love dearly.

I would take that $6K extra per year...and invest it. In stocks, mutual funds, whatever my own research and online algorithm brokers suggest. May take a formal course on investing, then again maybe not. I seem to do best when I am "educating" myself, and the online tools seem fairly effective.

If there are any experienced investors here that have done some investing on their own (more than just 401k etc), please feel free to chime in with some sage advice to someone who is just starting out.
I will be fortunate to be alive another 20-30 years, so looking at a 50 year plan not important to me.

 

[Hamish Howl]

I'd buy things I like. Books, tools, that sort of thing. Help keep the money moving.

 

[Court Jester]

I would spend it all on thousands of cans of pork brains with milk gravy, and then donate them all to a food shelter for the poor.

Because that is the kind of guy I am. Generous, but always looking to amuse myself at the same time.

 

[Helix]

reality :

bills
child care
car upkeep
savings for retirement
replacing carpet with something else
gifts

pie in the sky :

restore my first car. my estimate is that it will take $10k on the low end. it has been garaged, though, so it's not a hulk sitting in a field somewhere.

 

[Chomsky]

What could possibly be a better idea than rewarding individual socioeconomic failure with means tested “safety net” program benefits?

I abhor means tested benefits.

 

[ttwtt78640]

I abhor means tested benefits.

The federal income tax (FIT) code is now loaded with them, as are most of the federal “safety net” programs. Even Social Security retirement benefits are means tested (via the FIT code).

 

[Chomsky]

The federal income tax (FIT) code is now loaded with them, as are most of the federal “safety net” programs. Even Social Security retirement benefits are means tested (via the FIT code).

Which is why some retirees always talk about limiting their hours in part-time work, and why others desire cash. Terrible disincentive, in my opinion.

 

[ttwtt78640]

Which is why some retirees always talk about limiting their hours in part-time work, and why others desire cash. Terrible disincentive, in my opinion.

In my fathers case, his additional income was CSRS retirement benefits which made half of this SS retirement income taxable. He also had to pay Medicare premiums (to get any SS retirement) despite being completely covered by VA both as a retired Army officer and disabled veteran.

I don’t make enough 1099 reported income to even have to file federal income taxes, since most of my customers pay in cash.

 

[Lord Tammerlain]

In the bank for retirement

 

[Waddy]

This is a simple question, but with profound implications: If you were "gifted" $6000/year - no strings attached - what would you do with it?

invest it in land.

 

[cpwill]

I genuinely appreciate all the responses! I'm informally categorizing the responses in my brain.

My point, as some may have sussed out, is that is what a universal basic income is about. If we gave $500.00/a month to every working age American (about 200 million Americans), that would amount to $1.2 trillion a year. Without making any tax changes, that would actually reduce government outlays in a variety of programs - TANF, foodstamps, unemployment, Medicaid - and improve the quality of life for every American. Even those that don't have any need for that extra $6000.

As many have highlighted here, it would allow travel, purchases, and saving for retirement that are otherwise out of reach. Those are important economic activities that also generate tax revenues - fuel taxes, sales taxes, travel taxes, vehicle taxes - and also reduce the need for many government programs. Studies show it improves employment and upward mobility, and, more importantly, helps in emergent conditions. Food for thought.

Please, more examples. This is a thought experiment for me.

It's an interesting one.

I would note that $500 a month is going to be treated very differently than a one time windfall payment of $6k. People are like goldfish - we tend to grow to the size of our bowl.

You see this $500 replacing other federal welfare spending? Forgive me if I missed something, but, in such a case, wouldn't the additional benefit mostly go to those who "don't need it"?