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Universal Basic Income

1,417 183 July 17, 2018 at 04:59 PM
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Those of you in Chicago, what are you going to invest in with your free $500 a month UNIVERSAL basic income? I figure with an extra $500 a month you could turn that into something sizable in a few shorts years. I read an article about the UBI and one of the contributors said "Nearly 70 percent of Americans don't have $1,000 in the bank for an emergency," I simply don't believe that, 7 out of 10 Americans don't have $1000... 7 out of 10, there is no f'ing way. With an extra $500 will people just waste it? I mean if what was said is true then I think 7 out of 10 Americans have piss poor planning and $500 isn't going to do anything.

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#2
I have $50,000 credit card debt
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Quote from phillint
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I have $50,000 credit card debt
no, no you don't
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#4
Quote from vairox
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Those of you in Chicago, what are you going to invest in with your free $500 a month UNIVERSAL basic income? I figure with an extra $500 a month you could turn that into something sizable in a few shorts years. I read an article about the UBI and one of the contributors said "Nearly 70 percent of Americans don't have $1,000 in the bank for an emergency," I simply don't believe that, 7 out of 10 Americans don't have $1000... 7 out of 10, there is no f'ing way. With an extra $500 will people just waste it? I mean if what was said is true then I think 7 out of 10 Americans have piss poor planning and $500 isn't going to do anything.
That $500 will have amazing purchase power. Think of the votes it will purchase for big government nanny state candidates for starters.

I don't feel sorry for the idiots who don't have any savings. Most of them have all kinds of toys and big tvs and the latest smart phones but if they have a financial emergency they expect someone to bail them out.
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I like what she said, not what it means.
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#5
Anyone who thinks that giving someone $500/mo that they will put that to savings is crazy. Anyway this is only for a select few people (to start at least).
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#6
What are the stipulations for this?
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#7
Well at $500/month...that will pay for my property tax for the year (PA.) That would be cool.

But then again...my wife and I are middle class (possibly upper middle class) so we wont get chit if it goes nation wide. My guess is we'll lose money due to a tax increase...someones gotta pay for the bottom feeders, lulz.
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#8
UI has been shown to not work elsewhere so why in the heck would it work in Chicago? What's their plan anyways?? Illinois, a state, that has a crap load of debt along with Chicago and it's unfunded liability problem is now all of a sudden magically finding a way to give people free cash? It's one thing to try it out on a test case of 1,000 people and a completely different thing to do it on 3 million people.

Good luck with this. My crystal ball tells me they'll give the $500 to the 1,000 lucky people for awhile and then like everywhere else it'll be scrapped.
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Quote from FHRITP
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Well at $500/month...that will pay for my property tax for the year (PA.) That would be cool.

But then again...my wife and I are middle class (possibly upper middle class) so we wont get chit if it goes nation wide. My guess is we'll lose money due to a tax increase...someones gotta pay for the bottom feeders, lulz.
That's the thing about universal income. Everybody gets it. Poor, middle class, rich, etc.! All it's been shown to do is raise the price of everything so there isn't really much benefit to it at the end of the day other than making people like the politicians that gave it to them in the first place.
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#10
Quote from Iaaaiws
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I don't feel sorry for the idiots who don't have any savings. Most of them have all kinds of toys and big tvs and the latest smart phones but if they have a financial emergency they expect someone to bail them out.
True... then hate on people who had the sense to build hundreds of thousands in emergency money
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#11
You be surprised OP lots of people are indeed in that much debt. Make one dollar and spend two is the American life style. Have the latest trends, brands, gadgets you name it people can't afford it no problem we can open you a credit line or just get a credit card and just pay monthly payments for an year or longer.

I had a coworker that was approved for a Victoria Secret CC. I told you do not max it out just buy your needs and pay it ASAP. She told me she would take my advice. Two weeks later I hear from a co worker she maxed the the CC (I believe it was a 2k credit line how the hell do you spend that much in 2 weeks). People don't think. Also as someone mentioned whats this universal income that money has to come from somewhere it just doesnt come out of no where.
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just being slick
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Quote from Iaaaiws
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That $500 will have amazing purchase power. Think of the votes it will purchase for big government nanny state candidates for starters.

I don't feel sorry for the idiots who don't have any savings. Most of them have all kinds of toys and big tvs and the latest smart phones but if they have a financial emergency they expect someone to bail them out.
"Most of them?" Don't engage a lot with people living on the margins, do you? Too much work to step out of your Mercedes?

You see what I just did there?
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Quote from gpister
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You be surprised OP lots of people are indeed in that much debt. Make one dollar and spend two is the American life style. Have the latest trends, brands, gadgets you name it people can't afford it no problem we can open you a credit line or just get a credit card and just pay monthly payments for an year or longer.

I had a coworker that was approved for a Victoria Secret CC. I told you do not max it out just buy your needs and pay it ASAP. She told me she would take my advice. Two weeks later I hear from a co worker she maxed the the CC (I believe it was a 2k credit line how the hell do you spend that much in 2 weeks). People don't think. Also as someone mentioned whats this universal income that money has to come from somewhere it just doesnt come out of no where.
So because you had a co-worker that did that it automatically means "a lot of people" do?

This is part of that myth that poor people are poor because they lack the skills for financial management.

Just like all fat people are fat because they lack self control, right?
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Quote from madcowdisease
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"Most of them?" Don't engage a lot with people living on the margins, do you? Too much work to step out of your Mercedes?

You see what I just did there?
Sorry, didn't mean to trigger your sensitivities.

And like I would have to step out of my Mercedes on my own. I have people to lift me out so I don't sweat in my expensive clothes. Roll Eyes (Sarcastic)
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Quote from madcowdisease
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So because you had a co-worker that did that it automatically means "a lot of people" do?

This is part of that myth that poor people are poor because they lack the skills for financial management.

Just like all fat people are fat because they lack self control, right?
Look at OPs quote

"Nearly 70 percent of Americans don't have $1,000 in the bank for an emergency,"

My coworker is just one of many scenarios because lots of my co workers were basically broke all drove old cars and had a hard time living day by day. When payday comes they would go wild and be broke within a few days.

I remember when I was a kiddo my parents every year would take us to vacation and people would envy my dad because how was it possible he could afford a nice vacation while the others couldn't (even higher ups would say something making more than my dad) goes back to square one its how you manage your expenses. Believe it or not a lot of people are in debt and sometimes have a very outstanding balance all because they don't know how to manage.
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