cause if everyone was getting 10k USD per day and was rich the value of money would be gone ofc
we have people working fastfood jobs or driving taxis barely making ends meet, could the world still function if everyone lived a comfortable life? maybe everyone was at least middle class?
In: 245
It’s a fair question, and you are correct in that the dollar would become worthless pretty quickly if the govt issued $10k a day to every citizen. Even if the inflation rate was constant (vs algorithmic) it would still be so bad that businesses would know its worth would be a fraction tomorrow of what it is today, so they would very quickly stop accepting payments in it. The economy would halt (crash) until a suitable alternative currency could replace it.
If they did give away that much to people, they would have to recoup an equal amount from the rich every day to balance it out. This is termed “redistribution of wealth”. While unpopular for several reasons, I personally do not think this would solve anything in the long term because that money would simply trickle back up to the wealthy again anyway. What I mean is that the economy and society are built in such a way that money naturally travels upward until it is aggregated by those who own the most successful businesses. So while redistributing wealth might solve a short term need, it would need to be sustained indefinitely to “work”.
Wealth is relative. Every dollar we earn does in fact come at someone else’s expense. By virtue of this fact, that means someone must always be at the top, and someone at the bottom. We cannot all be equally wealthy. As callous as it sounds, that means poverty is just a fact. Some people are simply going to be poor, and I do not know how to fix that fact, other than to create social programs that address their immediate and basic needs until they can find a way to make their own living. But it’s impossible to put a percentage on it.
Latest Answers