The Financial Times, no source to trifle with, says the sluggish return to work due to income supports during COVID “spells trouble” for fans of a universal basic income (UBI). “If you give people the kind of financial support that allows them to withdraw their labour, a good number probably will.”
I think the proper response to this insight, after due reflection, is DUH! The Financial Times (FT) belabours it anyway: “Could furlough schemes and pandemic handouts be spurring workers to shirk?” True, “shirk” betrays a touch of repressed employer rage, but the point stands. If you’re paid more to not work than work, you might figure out that it’s a rational economic choice to stay in bed.
The problem will solve itself soon, as supports like CERB get phased out, as they already have in much of the U.S. But the FT wants to assure the supports aren’t replaced by a UBI, which has gained some wee traction and might have the same dire effect: disincentivizing work.
I’d call this the first good argument I’ve heard for UBI. I’ve always opposed it — the floor will become a ceiling, it’s a form of top-down charity rather than workers making gains through their own agency, etc. — but this could really shake up capitalism for the better.
How? If workers choose to stay in bed, employers might (rationally) choose to entice them back with higher wages. This would be a Good Thing beyond merely making people happier (the FT notes a Finnish study showed “those getting the basic income were much happier than those in the control group,” and the New York Times reports that a U.S. survey showed wage supports “reduced anxiety and depression,” especially for the poor and those with kids). Higher pay though would also narrow the equality gap. Does that matter? Only if you care about the death of democracy through the rise of authoritarian demagogues who capitalize on racism and resentment.
What if workers stay in bed, even if they’re offered more money? Somehow I’m not sweating that. Why? Well, what about all the lawyers, bankers and CEOs who continue working even though they could stay in bed forever? People just don’t like bed that much. In fact, they like work, especially if it involves some satisfaction. I recently met some students who worry that if they got compensated by YouTube or Facebook for providing free all the content that makes Google or Zuckerberg rich — as IMO they should be — it might undermine their sense of authenticity. Work, like life, is complicated.
A pervasive economic insecurity hovers over them, and the rest of Generation Z. Will they own a house, or even a car or bike? Real estate in particular is the main form of wealth today; it’s the asset that means you can afford to raise a family and pass something on to them. But it’s increasingly out of reach — people move from Oshawa or Whitby to North Bay or Powassan in order to afford a home — and even then spend forever paying off the mortgage instead of accumulating a bit more for themselves. Paying whom? Banks and their investors!
This is as feudal as it gets. It outdoes the landlordism of the Middle Ages. Much of what comes in goes back out in virtual rent as interest above principal, due to the “sky-high” and “red-hot” market. It’s a parasitic, not a productive economy — and the gap keeps growing. You still end up working for The Man on Maggie’s farm and owe your soul to the company store. But enough ranting (and renting). This moment offers both possibility and peril…
https://www.thestar.com/opinion/contributors/2021/06/03/do-pandemic-income-supports-encourage-people-to-stay-off-work-of-course-and-that-could-be-a-good-thing.html
Recent Comments
798425 388228The next time I learn a weblog, I hope that it doesnt disappoint me as significantly as this one. I mean, I do know it was my choice to read, however I truly thought youd have something attention-grabbing to say. All I hear is actually a bunch of whining about something which you could fix for those that werent too busy in search of attention. 416740
685432 67140This is a exceptional blog, would you be involved in performing an interview about just how you developed it? If so e-mail me! 609645
555838 465394Very nice style and style and great topic matter, very little else we want : D. 632329
33732 570604Hello. Fantastic job. I did not expect this. This is a excellent articles. Thanks! 676031
190179 30237Nice to be visiting your weblog once far more, it continues to be months for me. Nicely this post that ive been waited for so lengthy. I want this post to total my assignment in the university, and it has exact same subject together together with your post. Thanks, terrific share. 306160
713758 548004I respect your piece of function, appreciate it for all of the fascinating content material . 579774
408807 54904Spot lets start on this write-up, I seriously believe this incredible web site requirements a lot much more consideration. Ill far more likely once again to read a great deal much more, several thanks that information. 337397
194711 18051Youll notice several contrasting points from New york Weight reduction eating plan and every one 1 may be beneficial. The initial point will probably be authentic relinquishing on this excessive. lose weight 469643
996007 215527Hey, you used to write fantastic, but the last couple of posts have been kinda boringK I miss your wonderful writings. Past couple of posts are just a bit out of track! come on! 524111
883093 913596You seem to be quite expert in the way you write.::~ 948785
56622 354008You can definitely see your skills inside the work you write. The world hopes for far more passionate writers like you who arent afraid to say how they believe. At all times follow your heart 7262
816868 151521Some truly marvelous function on behalf with the owner of this internet internet site , dead excellent articles . 102979
745910 349144An extremely fascinating read, I may possibly not concur completely, but you do make some extremely valid points. 963905
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
520948 86590Most suitable boyfriend speeches, or else toasts. are almost always transported eventually by means of the entire wedding party and are nonetheless required to be quite interesting, amusing and even enlightening together. very best mans speech 988495
202592 56384I adore your wp style, wherever did you download it by way of? 105573
370001 973362bathroom towels really should be maintained with a very good fabric conditioner so that they will last longer:: 261672
771383 103996Very nice design and style and fantastic subject matter, very little else we want : D. 124319
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.