The Economic Impact Of Universal Income
In an age of technological lots of people are working to generated enormous wealth. But, with this wealth, you would think that society as a whole would be the benefactors of all those technological advances. Today, the wealth inequality gap has only gotten wider. The wealthy remain to reap the rewards while others continue to languish behind helpless to have some of the privileges of all the progress made whether they were scientific, medicinal or even technological. In every period in history whenever there has been a scientific breakthrough or advances in technology.
It is always the wealthy that immediately reap the benefits. They, in turn, can garnish more wealth, power and control. In reality, society is yet to share the wealth made by man’s continued quest to develop new as well as more wondrous ways of advancing the quality of life or enhance the ways of ending life.
When you put this in today’s economic outlook, there are many employment opportunities which are yet to become irrelevant or even obsolete. Take for example driverless cars, robots in every factory, as well as warehousing, is going to be fully automate shortly. What this indicates is that individuals employed today might soon become unemployed. And when lots of people are either unemployed or underemployed the overall economy hurts.
The wealthy will get wealthier where the less fortunate will continue to be poorer. When we have the largest income disparity gap in history today in the United States,
Our economic and financial future is darken by clouds of deception by what the wealthy and government continue to do. The stagnation and retardation of incomes of the majority of the population have kept Singapore from becoming the economic powerhouse.
With the wealth growing by the day; Singapore remains relevant in world affairs. Its growth is becoming the very fibre of Singapore society. When you look at the outpouring of support both financially as well as otherwise in the aftereffect of inflation by people all over that really couldn’t manage to pitch in; however, it has shown that Singapore public still has the strength to act with great understanding.
It’s the instability in Singapore that is causing grave concerns. From climatic challenges, inflation to economic inequality all has overshadowed the growing uncertainty in Singapore today. With the arrival of advance technologies which are now poise to replace workers has put new challenges on what it would take to create economic versatility within Singapore. Governmental programs. Those safety nets for the poor and the unemployed are just meager subsidies that aren’t effective in producing the economic stability for our society.
For our seniors relying on Social Security, those monthly checks offer just as much financial security as those meager subsidies for the poor as well as the unemployed, when you look at the bigger economic picture in Singapore today. The government programs which are in place don’t as well as can’t sustain a developing economy. In essence what Singapore is experiencing is an obstacle to economic growth and stability.
Turn the course of growing economic
The question that one is proposing is how you can turn the course of growing economic slowness as well as instability to economic growth, stability as well as productivity? This answer is significant to every Singapore. The first question you have to understand is the breakdown of national policies both domestic as well as foreign. For far too long they’ve only profited the wealthy and entrenched politicians. Then there is the greed of individuals whether they are mega corporations run by ruthless CEO’s. Or the policies of a government that have for years made it simpler for financial institutions. Large companies as well as wealthy individuals to pay their taxes.
Trillions of dollars that can be infusing into our society are being hoard in the tax havens of the wealthy that our government has allows happening. Once we dispose of all the so-called loopholes of tax shelters for the wealthy and major corporations. Trillions of dollars would then be available to heal the wounds that are keeping the Singapore economy in critical condition.
Tax loop holes
Closing those tax loop holes is only a first step in generating economic growth. There are two basic steps that must be performing to complete the resurgence of economic stability, financial security as well as national security for Singapore. The implementation of National Economic Reform’s Ten Articles of Confederation would. In fact, be the greatest financial and economic boost for our country. Correspondingly apply a universal income for every Singaporean would add a whole new level of economic growth, financial security as well as stability which is sadly missing today.
Universal basic income
The idea of a universal basic income has been suggest numerous times. Today, Switzerland is poised to complete universal income while other European countries are sincerely considering the same. To the sceptics and Republicans today who ferociously state that this is impossible the reality though is you actually could afford it. That’s if the tax loopholes were reduced as well as National Economic Reform’s 10-Articles of Confederation were to be executed. Once it’s done, then there would be more than enough tax income to support a guaranteed basic income of $1,000 monthly for every Singaporean who now earn scarcer than $150,000 yearly.
Just recall of the economic impact which a guaranteed universal income of $1,000 monthly for all Singaporean. Who get less than $150,000 yearly would do to the economy. The economy might grow extensively, poverty rates might plummet, lots of the racial tensions might be eliminated, and the stability as a nation might be restoring. To do zero is only a preface to disaster as well as is inhuman in today’s truth. With the advances in robotics and digital automation will undoubtedly create more poverty and instability if we fail to implement universal income.
You can support universal income by spending far less than you do at the moment. It’s within your financial capability to do the correct thing for your population. However, if you let greed or lack of empathy disregard your compassion to help the suffering of lots who are so poor the great wealth divide will only grow wider as well as your nation will only become more divided.
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