Thursday, March 02, 2017

Quote of the Day

Regarding a guaranteed basic income, which has been mooted in various guises for decades, and more recently adopted as a favourite by Gareth Morgan in his book, The Big Kahuna:

When income is procured through the threat system of taxation and redistribution, no wealth is created … The unproductive consumers are merely a conduit for funneling what was taken back to those who produced it in the first place. It is like trying to increase your bank account by writing yourself a check. And unless the receivers are required to spend 100 percent of the BIG [Basic Income Guarantee], the result will not even be zero-sum. It will be negative-sum.      Dylan Pahman