Monday, October 10, 2016

Reich panics into Basic income dole instead of higher wage rates

First the panic

" Internet sales are on the way to replacing millions of retail workers.
 Diagnostic apps will be replacing hundreds of thousands of health-care workers.
Self-driving cars and trucks will replace 5 million drivers.
Researchers estimate that almost half of all U.S. jobs are at risk of being automated
in the next two decades." !!!!!!!!!!!!!!!!!!!!!

The  solution  ?

But first
This truism without a think thru 
" This isn’t necessarily bad. The economy we’re heading toward could offer millions of people more free time to do what they want to do instead of what they have to do to earn a living"

Okay so per capita life time job hours shrink over decades

What's new except the rate of shrinkage ?

Anything preventing acceleration
Or is it re acceleration after a period of slowing ?

Why this macro benighted  burble plex ?
" make this work, we’ll have to figure out some way to recirculate the money from the handful of people who design and own i-Everythings, to the rest of us who will want to buy i-Everythings."


What's new here
A tacit assumption that wage share in aggregate income will also shrink

Why this time ?

At any rate once the white flag is raised
The wage lings  have the  state !!

" A universal basic income – possibly financed
thru a revenue stream off of the underlying intellectual property."

Hey it's universal
Everyone gets a monthly check !

"In recent years, evidence has shown that giving people cash as a way to address poverty actually works. In study after study, people don’t stop working and they don’t drink it away. "

Coda :
"As new technologies replace work, the question for the future is how best to provide economic security for all. 
A universal basic income will almost certainly be part of the answer."