This is an alternative to basic income. Give everyone a million dollars when they turn 18; But waive their right to social assistance for life. Heck, you could even remove their government backed pensions at 65. They wouldn’t need them.
The premise is this. If you’re young and invest 1 mil or most of it for a few decades until you retire, you won’t need a pension: you’ll be a multi-millionaire.
This could help the economy, eradicate poverty, and help people concieve and plan for more than one child, erasing our meagre birth rate and helping our aging population, all in one go. Since every child would be eligible, people would hopefully plan for more than one child.
Look we’re getting old. Nobody’s having any kids. Let’s do something about it.
It could also, in the long term, lower costs for the government. We already spend an insufferable amount for things like food stamps and welfare and an old-age pension over the course of one life-time: Doesn’t all of that add up to MORE than a mil over the course of a lifetime, anyway? Get rid of all that. Just give us all the money up front so we can invest it and watch us become multi-millionaires without the need of social assistance ever again.
I hear you pondering: What happens when you have a bunch of 23 year olds completely broke, and ineligible for social assistance? My response: We would need to make sure there aren’t any broke young people anymore. Ever. And that young people were investing well – not just buying lambos.
What if you’re above the age of 18? Would you still be eligible? An easy solution would be to give out a pro-rated amount. Say i’m 40; I wouldn’t get a million dollars, but a fraction of a million dollars, say, 40+18/100 of a million dollars (since I’m already 40 and 100 is about how long any reasonable person might expect to live). Something of the sort could be implemented so that everybody gets their fair share. Or we could go the cheaper route and say: from this day forth, whoever is born on this day, or forward, shall have the right to a mil at 18 in exchange for no social assistance for life. Parents and ancestors be damned. From this day forth: whatever works.
What are your thoughts about children receiving 1 mil at 18 in exchange for no social assistance for life? I’ve received over 2,000 Comments on the blog so far (I keep most of them private, many are trolls and some are scams, but I do look at them). Therefore please use the new CONTACT tab to send me a message directly and privately! Thank you all for your comments and responses.
Steve Mini from the 6ix.