[Ian Orton]
Invariably, the first reaction to the BI proposal is ‘how would it be financed?’ This article argues that a BI of £13,000 per annum is possible for all UK adults. Various financing scenarios are considered, broadly based on a combined financing method consisting of increased national insurance contributions, doubling of income tax (low-income earners would, apparently, be better off after as initial losses (through increased contributions) would be recouped through a BI), substantial contributions from the financial sector and consolidating existing social protection budgets. However, strong reservations are expressed regarding political plausibility of pushing through such financing.
Singularity Utopia, “Is Basic Income Impossible? 2013 Costing for UK #Basic Income”. Singularity Utopia, October 9, 2013.
It’s all about the money -Singularity Utopia
The article analyses how to get a Basic Income of £13,000 for everyone in UK, adding up to a total of £702 billion. It ends with all kinds of taxes, that may be frightening for many people.
The starting point is wrong. Like a poor man asking where he can find a million pounds overnight. The answer is of course impossible.
A basic income or a citizen dividend has to be planned and built up over many years. Consider the Alaska Permanent Fund or the Norway Government Pension Fund Global. They take many years to build up a big investment fund where dividends can be distributed as basic income or citizen dividend.
The issue of basic income ‘cost’ is framed backwards, inside out and upside down. We need to be asking how can we afford the costs of poverty -to health and human potential, innovation – and more than we can even describe or imagine.
And how can the environment ‘afford’ to support the pathological goal of endless economic growth and jobism – where any destructive activity is considered ‘productive’ as long as it creates a job.
Basic income/ universal Livable income is not ‘too costly’; but the costs of poverty and jobism are so high that they are almost impossible to quantify.
In addition, the Alaska Permanent Fund is a bad model to follow due to environmental considerations. http://livable4all.tumblr.com/post/56267288138/why-alaska-permanent-fund-dividend-is-a-bad-idea