What if we gave everyone in the US $1 million US dollars?

[Thoughtcrime]

I mean, realistically the economy would implode within a week. Apart from the momentary happiness that comes from seeing that you're a millionaire that elation quickly evaporates with the realisation that you're as broke as ever, just with more zeros.

Everyone's a trillionaire in Zimbabwe.

[Seranthor]

lmao, rent is $3200 a month for my 2 bdrm in boston

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1M gets taxed at 39.5% federal, plus whatever your state income tax is, so closer to 50%

the mortgage on my 2BR house and 1/2 acre of land is less than $400/month, but then again, I dont live on either coast.

[bladeXcrasher]

lmao, rent is $3200 a month for my 2 bdrm in boston

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1M gets taxed at 39.5% federal, plus whatever your state income tax is, so closer to 50%

Texas doesn't have income tax.

[Toogoodman]

Texas doesn't have income tax.

Which is why im moving there in the next few years, done with Boston

[Draco-Onis]

Texas doesn't have income tax.

It would be considered a gift and be taxed at 40% (gift tax) but it would still be a huge amount of shock for the economy.

[NM 156]

1 mil really isn't that much. For people who retire, it usually lasts around 20 years.

I have no idea how I would even begin to spend 4166 dollars a month. People gotta chill with the expensive shit I guess.

[bladeXcrasher]

Which is why im moving there in the next few years, done with Boston

Was the same for me with Virginia, was even worse paying income and property tax when I wasn't even living in the state. I changed my residence to Washington as soon as possible, that was 18 years ago.

[Torgent]

The price of a 6-pack of Bud would jump to one million and six dollars.

That's.....not how inflation works. It doesn't add x, it's multiplicative.

[Logwyn]

A McDonalds hamburger would cost $30,000 the next day.



I doubt 3D printers will ever print out food, and as the human population grows food becomes more scarce.

If the socialists ever want to get their glorious utopia then you need two things: Unlimited resources and unlimited energy. So until warp cores and replicators (IE: Star Trek tech) becomes reality then you are living in a world of markets.

http://www.cnn.com/2014/11/06/tech/i...ood/index.html

[Vynny]

Yeah the most basic thing that would happen would be hyper inflation, because the American dollar would suddenly be worth far less.

Not really. That would only occur if the government just up and printed that money. If it's money that's already in circulation then it wouldn't lead to hyperinflation. Think about it this way, money is a note with a monetary value relative to the wealth of the nation that prints it. If only 1 bill was in circulation then that 1 bill would be worth all of the wealth of that nation, but if 100 bills were in circulation then each bill would be worth 1/100th of the entire nations wealth. The point is that just printing money only divides up the nations wealth and doesn't actually increase it thus leading to inflation, but winning some absurdly huge lottery and dispersing the funds amongst the American people wouldn't necessarily increase inflation due to the fact that no new money must necessarily be printed.

[Thoughtcrime]

Not really. That would only occur if the government just up and printed that money. If it's money that's already in circulation then it wouldn't lead to hyperinflation.

No lottery can have a payout over 3 times greater than the entire Earth's GDP. So either that money appeared by magic or it was printed. Either way inflation is inevitable.

[ambivalence]

Ridiculously massive hyperinflation. A few years ago, Zimbabwe had a hyperinflation crisis where there was something like 150% inflation per month. If everybody in the U.S. got $1,000,000 it would put 150% to shame.

[Vash The Stampede]

What do you think would happen? I'm assuming there are a lot of holes in my idea, including the potential for massive inflation and of course taxes.

Basically inflation up the ying yang. If everyone had 1 million buckers then the prices will go up accordingly. So nobody would get richer, just a lot more #'s to count. Just ask Japan with their Yen currency. If you have ¥110 then you have enough to buy a stick of gum. Bigger numbers are better... right?

This is also why UBI needs a lot of regulations otherwise we'll all end up like silicon valley.

[ezgeze]

A huge portion of the population would essentially not show up for work anymore with the assumption that they are now set for life. The next day people would quickly find out that many shops would be closed due to short staffing and prices would literally skyrocket overnight on many items. Stores would be forced to offer massive pay raises to keep up with inflation or risk not being able to open at all due to a lack of labor. The dollar pretty much crashes, productivity grinds to a halt and mass looting/rioting happens for basic essentials. Once everything is stolen people refer to the barter system until a new currency comes in and after a decade or so of poverty, hunger and death.....we crawl back to civilization.

[Celista]

A huge portion of the population would essentially not show up for work anymore with the assumption that they are now set for life. The next day people would quickly find out that many shops would be closed due to short staffing and prices would literally skyrocket overnight on many items. Stores would be forced to offer massive pay raises to keep up with inflation or risk not being able to open at all due to a lack of labor. The dollar pretty much crashes, productivity grinds to a halt and mass looting/rioting happens for basic essentials. Once everything is stolen people refer to the barter system until a new currency comes in and after a decade or so of poverty, hunger and death.....we crawl back to civilization.

I love this post for how it turns an act of benevolence into the most depressing outcome possible.

[Captain N]

I love this post for how it turns an act of benevolence into the most depressing outcome possible.

You expected anything else from people who bang on endlessly about how a UBI system will cause the destruction of society?

[Eldar45]

I love this post for how it turns an act of benevolence into the most depressing outcome possible.

Did you ever play KoTOR2?

There was a little event on Nar Shaddaa where a begger asks you for some credits, and if you give it to him Kreia repremends you. She shows you that your act of charity had unforeseen consequences. (Because a mugger watched you hand the begger the credits, followed him and killed him for the credits.)

The scenario the OP presented has consequences. Massive consequences.

[Everwake]

Check out the history of the Gold Rush for miniature examples of what you're proposing. Miners cashing in their nuggets at camp found hyper inflation.

[Deleted]

If you give everyone a million dollars, it's basically almost worthless instantly.

And I think this old quote also applies because the people dont change:

"If we divided all the money in the world equally, in a short time the rich would be rich again, and the poor would be poor."

[Aori]

Your standard of living must be really low.

I think my standards are modest yes. I'm not a very wanting person.