Wealthy people, currently exploiting current economic circumstances, are scared witless by the prospect that nations will start distributing wealth differently through forms of Universal Basic Income, at the expense of those currently exploiting it. So, wealthy people will fight back by commissioning people/’experts’ to convince the public that UBIs are a bad idea and bad for the public, completely at odds with the evidence that exists or common sense.
Trickle-down economics does not work. It does not distribute wealth fairly or effectively. The only people arguing for trickle-down now are the people at or towards the top of the pyramid, who also happen to be the people benefiting from policies that encourage trickle-down. It does not serve an economy to funnel wealth into the hands and offshore tax avoiding bank accounts of the few. It starves an economy and the leaks, patched up by printing new money, devalue the economy to a point, eventually, that leaves the economy and the nation bankrupt.
Economies work best when they recycle their money, not rely on printing new money to replace the money that disappears. The best way to recycle money is by ensuring that you have a high wage, well pensioned, population. As pension funds are the work horses of investment capital, strong pensions act as the lungs for an economy to expand. Permitting the theft of pension funds by opportunists is the equivalent of placing a noose around an economy’s neck.
A government that permits tax avoidance and pension stripping, while encouraging a low wage, low pensioned population is sacrificing the wealth of that nation at the expense of enriching a small group of people, likely including themselves. Any nation should aspire to high wages and correct pension provision and should guard pension funds as eagerly as it should guard the physical environment. As work is evolving, governments should also aspire to an adoption of a form of Universal Basic Income for its population as a foundation of the economy. No nation should aspire or judge itself against the number of billionaires it creates, except to view them as a sign of their economic policies failing.