“It’s insane to believe that wages are the only thing exempt from the economic law of supply and demand, you can’t force people to pay more for a service than it’s worth ... therefore universal basic income!”
To expound a bit - remember what happened to housing prices when banks offered to “give” home loans (aka money) to anyone with a pulse?
How did that play out?
This provides some insight into how real estate prices react when buyers are suddenly awarded a surplus of cash that was previously unavailable to them.
Now ... imagine we do the same thing for not just housing, but for everything. Everyone gets a free surplus of money to buy anything they want. Can one possibly believe that this has no effect on prices, but raising minimum wage for a small portion of American workers would?
Of course not. If we can clearly see that artificially raising wages for a small subset of American workers will impact both labor and prices, then it’s obvious that artificially boosting the income of every-goddam-body will have exponentially more impact.
