This article is a lesson in how to be a terrible journalist. As one example, he wants readers to think that Jackson's successful basic income pilot is evidence of how it'll replace government services, leaving people worse off, because of a boil advisory.
He also plants the notion that perhaps Tubbs deserved to lose in Stockton as punishment for choosing to get people cash versus fixing local journalism. And he links to my article about the importance to our health of preventing poverty (vs just treating the effects) as "ominous."
In just the first two paragraphs he wants readers to think that the *only* reason Yang may become the next mayor of NYC is because of UBI's massive popularity, and that despite being a frontrunner, Yang can only get 4 volunteers, and that if elected he'll be NYC's Michael Scott.
This article is full of manipulative techniques. Conservative outlets aren't the only ones manipulating readers to achieve their political goals. Leftists do it too. One of those outlets is @TheProspect. As the editor, @ddayen apparently approves of these techniques. Disgraceful.
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Parents will receive their first child tax credit payment on July 15. Each month thereafter for six months 39 million families will receive another. We should make them permanent like Romney proposes, plus extend monthly payments to childless adults too.
The monthly child tax credit is essentially the income guarantee for families that Nixon proposed half a century ago. That's how long ago we could have started dramatically reducing child poverty, but we chose not to. It's time to change that for good.
There are however some problems with the design of the new child tax credit. Because the IRS handles them, tax filing is required. So make sure and file! But there will be many low income non-filers who earn too little to file who don't know they qualify.
Some progressive guaranteed income supporters are making the claim that a targeted guaranteed income approach will reduce inequality more than universal basic income (UBI) because they want GI to exclude the rich. Here's why I think that's false and based on bad analysis.
THREAD
Let's say you're a very wealthy GI supporter and you think GI should be means-tested in the same way the stimulus checks were so that you receive nothing. The total cost is seen as less than the cost of UBI, and your taxes go up $1 million a year. That indeed reduces inequality.
However, now consider a $20k/yr UBI that would be considered much more expensive than a $20k/yr GI. Do you think your taxes would go up by only $1.02 million? If so, you'd see the exact same loss of disposable income as a $20k GI design. But that's a very unrealistic assumption.
I think it's important to note that based on the above numbers, 77% to 82% of the stimulus checks put no upward pressure on inflation at all because the money didn't chase any goods or services in limited supply.
So why spend $850 billion on stimulus checks if the majority of the money was saved or used to pay off loans instead of being spent into the economy? Because money can be for survival or loan forgiveness or a feeling of security for a rainy day.
Here's a quick thread on the $UBI coin project that's part of @DemocracyEarth and @Kleros_io on the Ethereum blockchain that @santisiri has recently launched.
First, I have to say, I'm impressed by its approach to UBI which includes some pros and cons.
The results of the basic income experiment in Stockton are in.
BASIC INCOME WORKS.
✅More full-time employment
✅Income stability increased
✅It was mostly spent on essentials
✅Debts were reduced
✅Mental health improved
✅Helped family and friends too
"Unemployment among basic income recipients dropped to 8% in February 2020 from 12% in February 2019. In the experiment's control group — those who didn't receive monthly stipends — unemployment rose to 15% from 14%."
Important to note the difference between increased employment and reduced unemployment. People without jobs were able to get them, but also, people with jobs were able to get better jobs.
Basic income helped recipients afford the costs of better jobs.
BREAKING: A group of 10 senators led by @RonWyden has sent a letter to @POTUS urging him to include automatic stabilizers in his Build Back Better bill. Monthly stimulus payments and boosted UI would continue until certain economic conditions are reached.
For anyone who says that the next bill should focus entirely on infrastructure and not include any cash assistance, please understand that cash is LIQUID INFRASTRUCTURE. Cash can become anything. Liquid infrastructure belongs in an infrastructure bill. 👇