Ray Dalio: Automation and Universal Basic Income | AI Podcast Clips
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- čas přidán 6. 12. 2019
- Full episode with Ray Dalio (Dec 2019): • Ray Dalio: Principles,...
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Ray Dalio is the founder, Co-Chairman and Co-Chief Investment Officer of Bridgewater Associates, one of the world's largest and most successful investment firms that is famous for the principles of radical truth and transparency that underlie its culture. Ray is one of the wealthiest people in the world, with ideas that extend far beyond the specifics of how he made that wealth. His ideas, applicable to everyone, are brilliantly summarized in his book Principles.
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Full episode with Ray Dalio (Dec 2019): czcams.com/video/M95m2EFb7IQ/video.html
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Podcast website:
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I don’t see the point in worrying about if someone will not use their UBI productively. If it benefits the remaining 99% of people then we should do it. Nobody worries about that one person who likes to drive recklessly, so should we not have cars?
Robert I was thinking the same thing. It makes no sense to put conditions on unconditional basic income.
Strongly agree
@Ken MacDonald elaborate? also... why is UBI welfare but social security isn't?
If given UBI, most people would not use it productively. Pop culture does not value work, sacrifice, and delayed gratification. There are consequences to driving recklessly. If there were no consequences, a lot of people would ignore the speed limit.
@@i486DX66u have literally zero foundation to back that up except ur opinion. The research contradicts you.
Low-Key YangGang💯
@@JonathanRootD lool what about now
andrew yang 2020
Yang Gang!!! You should interview him !Your background in AI will definitely spur great questions!!
@@JonathanRootD Yang is anything but woke. He's made a point of not running on identity politics. Check out the flack he's copping from his Asian jokes. He's not anti-worker. His UBI is based on the ideas of a prominent union leader Andy Stern. Yang is for a living wage. He just gets their with UBI not a federally mandated minimum. The VAT + UBI combination is not regressive considering that the rich are net payers and the poor are net receivers. UBI canceling welfare would be as harmful as Medicare for All cancelling the private insurance industry. If one is better than the other, then what's wrong with that? Last point - I don't know any broader negative implications of UBI.
@@JonathanRootD You're just copy and pasting this comment anywhere people are talking about Yang. Maybe you should put in the actual work of looking more into the implementations of Yang's policies before you just adamantly disagree and broadcast your misinformed rebuttals.
Dalio is a very smart guy and I have nothing but respect for him, but he seems to have missed the connection between AI automation of the economy and the need for universal basic income. He talks about investment in education being the most important area to focus on, in order to create a truly equal opportunity society. But what use is that if there are no opportunities in a completely AI automated economic system? We aren't there yet, but it isn't far off at all. If something like UBI isn't implemented, there will be massive social unrest and upheaval. Millions of people won't quietly starve to death in the streets. And even if they did, who would buy the products and services being produced by the robots?
In an AI dominated economy, UBI is absolutely necessary and of paramount importance.
"who would buy the products and services being produced by the robots? "
What makes you think they are worried about buyers ? They are trying to cut down numbers massively.
8:35 🖐 I'm one of those parents who would try to use UBI responsibly.
YANG 2020. Do the Math.
"we aren't controlling how people spend the aid, so that's not acceptable" basically what he says...
Lex bringing the goods on a constant basis lately.
Even if the alcoholic buys alcohol the alcohol business would grow and help the economy. Another thing is if everyone knows the alcholic has 1000 a month they would be willing to help him out of that bad habit because they could get some value out of him for doing so. Another thing is expecting someone to stay bad unchanged through their entire lives is pessimistic. One thing that I don't understand is how we allow big tax cuts to large corporations easily and yet providing funds for every American is problematic.
@@TheGamingg33k that's where your wrong because when everyone has more money they can purse their business idea easier meaning more alcohol companies will come up driving the cost of alcohol down due to competition. And stop pretending all people are mindless human beings for the rest of their lives.
Giant corporations will also decrease in size when all their employees get a outside source of income which allows them to be more willing to leave the company to purse their own business or gain more bargaining power in their companies since they know it won't be as bad if they get fired with this Ubi.
QuantumButthole www.weforum.org/agenda/2019/12/universal-basic-income-charity-poverty-kenya/
What may happen after introducing $1000/month basic income:
- Every salaries would suddenly drop by $1000/month. Reason is, that employers pay the market rate, which is close to what the average employee requires to just live from month to month.
- Cost of accommodation would increase $1000/month everywhere. Reason is that landlords ask for as much money as tenants can pay, which is usually 25-50% of their monthly income.
- Any combination of the above.
Result is just more money flowing to those who own the assets, which means faster increase of inequality than it is happening now. Gambling, tobacco and alcohol industries would also profit.
Universal basic income sounds like a good idea, but it is not a solution for the increasing inequality.
The employer are still hiring average employees? instead of robot?
The point of $1000 is that the one replaced by robot can still consume products, otherwise the chain of current economic model will be broken
All your points are biased and just a speculations.
it could also lead to: 1. Minimum wage exists, salaries for high paying jobs would not increas either, on average because there wont be 1 million more programmers, employers would still need to compete for specialized talent. 2. High housing prices are in big cities because jobs are there. UBI would boost smaller towns and cities, more economic activity means more jobs, people would leave big cities, especially people who commute for jobs. Inflation is not problem either because a logical ubi would be payed by taxing financial assets like stocks, which are under taxed like 10% to 15% and there are alot of loop holes were people pay 0. So if you dont pay for ubi with QE then it wont trigger inflation.
The government is subsidizing corporations and bails out bank in the trillions every 10 years but noone gives a shit. the united states printed trillions since corona and no inflation.
Also, ubi is not a end all solution to poverty but its a good first step and inevitable in the future.
@@Pestbringer89 Ummm inflation is definitely happening, rising food costs and gas prices etc..
Thanks for this. I really hope Andrew Yang can make it on. You deserve it.
I don't think there's any plan that can even wealth inequality, what UBI does is raise the floor.
The oil dividend in Alaska is similar to the freedom dividend and that state has the second lowest wealth inequality compared to any other state.
@@kevinyang8856 I'm pro-UBI
well said
@@kevinyang8856 That's because all the people with money left to go someplace warmer.
If people are paid for the value of the work that they do, then of course not. It will never be possible to have wealth equality as that would require everyone to contribute the same amount of value in terms of work or output. Only way to address it in that case is to not pay everyone according to their real value. Of course, that reduces the incentive to work hard and take risk unless one is motivated by something other than money and security. And even if they are motivated by another factor, then that factor would have to be stronger than their desire for enjoying unproductive uses of their time.
I think everything that ray is saying is on point. The current lack of focus that the government has on the under served parts of the country is atrocious. Everyone who is born into these under served communities is starting out at a disadvantage compared to an individual that is born into a better served areas. Without the tools and resources that inherently available to communities and individuals who are in medium to higher class communities the lower served areas never improve. The way that lower class individual develops puts them at a huge disadvantage. Unfortunately the timeline of automation almost makes UBi a higher priority but both issues go hand in hand.
His bullshit neo con argument that people will get drunk and spend the rest on drugs is such an arrogant and elitist rich take it frustrates me so much. Or people wont work which is also bullshit. His only real consern is that people wont feel forced to accept hard and low paying jobs.
#YangGang where are you 😂
Maybe Ray forgets many people gravitate towards alcoholism and drug addiction because of economic pressure and genuinely feeling trapped in society and the only way they think they can escape it is through addiction. If people had more economic freedoms like a UBI, it would actually decrease.
UBI is not an economic freedom. I don't have a right to take your wealth so that I can enjoy leisure. UBI involves forcing someone else to work so that someone else doesn't have to. As far as drug addition, that's a cultural issue, not a race or economic issue. Same reason why I have never seen a homeless Asian (in America)...that's not a statement about race, but about culture.
@@i486DX66 UBI is universal, everyone gets it. Even people who work hard. Also, why does the Nordic countries have lower rates of violence, depression, anxiety, and addiction than the US. It is based on economics. If half of this country’s population is struggling and voted for a populist maybe that is a warning sign. Also, why do you think poorer neighborhoods have a lot of these types of challenges? When I was in Europe there was not as much of a wealth gap and not many run down areas as the US. We have pockets of third world in this country and if you are disabled or are old eating canned cat food because you have no money then it must be your fault because your value as a person is based off of solely your economic value. However what ever happened to a persons intrinsic value? Have we forgotten about it?
Voting for Andrew Yang!
Do you preferred an alcoholic under financial strain or an alcoholic with an extra thousand dollars
Lex, Would love to see Slovoj Zizek on your pod.
Zizek has some intriguing thoughts on Ai and it's looming effects on our brain, relationships and sexuality.
Having grown up in Sweden and now living in a far more capitalistic Japan I feel that he is describing in terms of equality has been realised in Sweden, which some would describe - not including myself - as a socialist society :)
7:11 UBI finally gets talked about.
Thanks!
“Getting more Money doesn’t change you, you just become you on steroids”. Or money reveals who you really are. I think UBI will only be bad at the margins. I believe It will expand the economy holistically, and improve overall quality of life, but the bad actors at the margins will also increase. So it has to be paired with community/child development to minimize the bad actors at the margins. AI could maybe help in the field of community development/criminal justice/prison-legal system. More efficient reintegration for someone lives in a institutionalized community and is caught in the black hole legal system and more efficient/effective rehabilitation program for someone who falls into the cracks. The rest of society will probably only prosper off of UBI.
OmilliYo dude you love margins
@OmilliYo getting more money and making more money does change the individual, just depends on how much.
Yeah I mean the US is pretty effective at the prison industrial complex already so I don't think that'll be a huge deal. I think a lot of people would just use UBI to pay their rent and eat not use it to hustle people. Although I could see some guys stealing their gf's UBI check too if we're being honest..But overall it would be a net gain for the poor working classes in America
Basic Income solves the problem of consumers not having enough spending money. i.e. it solves poverty. It will not solve poor decisions, or solve drug addiction. It will only solve the portion of poor decisions that are caused by poverty. What % is that? We don't really know, because we've never tried to solve poverty before. It might be a lot.
We do know that poverty (lack of money) causes lower IQ, increased stress, decreased physical and mental health. This is well understood, empirically.
Whichever policies we come up with to educate people, and treat mental illness or drug addiction, I don't think "keeping poverty around" will be one of them. The more poverty we get rid of, the more efficiently we can use resources to educate & treat people.
Ray seems to be wary of UBI. I think he should be more wary of poverty.
He diagnoses the problem incorrectly. Education will likely improve top-line GDP growth as productivity improves, but no amount of education is going to reverse the trend of GDP moving to capital and away from labor. So as you have growth, the majority of Americans don't partake in that growth (i.e. ~60% of the population saw no material increase in real wages in the last 50 years despite massive real GDP growth), and very soon wages will start turning negative in real terms and demand for labor decreases. Education will likely just accelerate the trend -> more productivity per person means you need less labor for production. UBI is the best solution and inevitable (in some form or another) in the long-term as the trend continues.
Very interesting point Dalio said towards the end.
Two of my favorite people. Good conversation. A lot fo think about and I can't agree more.
Behavior policing will make ubi ineffective because, as a political society we excuse bad behavior that can reflect on us and punish the good.
UBI Is Essential.
Do the wide benefits of a UBI outweigh the negative percentage of harmful outcomes?
I would have to believe by a long shot.
7:40 Ray, poverty isn’t a lack of principles or character, its a lack of cash!
I disagree with you. Money isnt the problem. Its educational, principles, character, and ability to recognize and execute on opportunity.
Troy Bradley you’re confusing economic money with accounting money. Sure, giving someone cash will effectively eliminate their poverty, but if you give everyone that cash, it’ll just inflate the cost of things because giving someone cash does not change their productivity.
Josh Young Then why haven’t we had hyperinflation since the multi-trillion bailouts of 2008-2009?
Troy Bradley the cash was used to pay debt and buy financial assets. In one sense, we have seen major inflation in bond prices, equities, and real estate. The inflation hasn’t been CPI because the cash hasn’t been towards those markets.
Josh Young I guess my Econ professor forgot to cover selective inflation. I’m pretty sure that money in the bond market moves beyond the bond market. Those corporate bond proceeds get spent somewhere other than more bonds.
The point of UBI is that there is no string attached on how you spent it ? Otherwise you might as well increase the amount of money you received from existing social program like food stamp and not implement UBI at all. You want to buy drug or lottery ticket, go for it, "one person's spending is another person's income" (Ray Dalio's own quote from his video "How the economic machine work"). Restricted UBI like food stamp only benefit specific industry, like grain/dairy industry. Unrestricted UBI would benefit all industries. Make the business competition even across different sector.
If you were a business owner, why wouldn't you want UBI ? you get to pay your workers less because you know they have extra income from the government, and you can charge your customer more because you know they can pay more for the same good/service. So while you might have to pay more tax, but reduced cost and increase profit more than makes up for it. Case in point, go to Wisconsin/Kansas State, and see how many grain/dairy farmer would vote to remove food stamp in exchange for paying less income tax. The diary and grain industries for these states would collapse overnight if the oversupply of grain/dairy was not absorb by the increased demand from foodstamp. There was similar concern being raised when food stamp was first introduce, potential increase food price, how was it will be finance, etc. But if UBI is any similar to foodstamp, once business owners adopted it, they will definitely depend on UBI so much that'll they go bankrupt without it. Just like the diary/grain industry can't survive without foodstamp.
Not to mention, the increase supply of dollar in the economy will increase inflation (which is 1.76% as of 2019, way below target rate, fed said we might run risk of deflation if rate keep decreasing). The weakened dollar will make our nation's export more attractive to foreign buyers. Thus improve our trade balance against foreign nation like China and stimulate development of new business. By not supporting UBI, you're indirectly helping China win against us in the trade war, thus enable China to have more economic stranglehold on Hong Kong and weaken democracy in the world.
As for you concern over increase demand for housing, I would counter that given the prohibitive legislative/economic cost of developing new housing in NY/CA, the demand for housing is not high enough yet for developer/investor to justify sinking that much money into building new house. I would say increase demand for housing from UBI is a good thing, because it will finally incentivize developer enough to wade through complicate legislative gauntlet to develop new house. Either you have to persuade the NIMBY to lower the legislative cost of building new property or increases the housing demand so much that developer will drool at the chance to make a new property. The former is not working so far, might as well try the latter.
Really well thought out comment.
Totally agree UBI needs to remain unconditional, less bureaucracy and better velocity of money. More power of choice which would drive economy more naturally without creating artificial markets due to conditional spending.
A study in the UK indicated that for every 3% increase in welfare benefits you get a 1% increase in fertility amongst welfare recipients. Similar studies here in the US show similar outcomes. UBI is welfare. It provides financial support to people who can not support themselves.
The average IQ of a welfare recipient here in the US is 90.
IQ affects employability.
60 to 74 "Slow, simple, supervised."
74 to 89 food service
89 to 100 Walmart
100 to 111 Police officer
111 to 120 Teacher
120 to 125 Professor
125 to 132 Attorney
132 to 137 Eminent professor
137 to 200 No limitations.
IQ affects literacy and literacy affects employability. Only 12% of U.S. adults scored in the highest literacy proficiency levels, and only 9% scored in the highest numeracy levels.
While 52% of Americans score below the minimum literacy required for coping with the demands of everyday life and work in a complex, advanced society, and successful secondary school completion and college entry. There will be nothing for these people to do in the near future.
We need to start paying those at the bottom of the bell curve to not have children. It is the only way to end poverty once and for all.
So Eugenics, got it
@@ultimatehamsandwich734
A simple solution with a win win outcome.
I had a physicist on my podcast recently & he explained Field Structure Theory & how it bridges the gap between Quantum Mechanics & General Relativity..... HE Was Even an Andrew Yang Supporter.
Andrew Yang is The Guy People, the world is waking up!!
why is it anybody's business what people do with their UBI?
I'm a layman, but would it be unreasonable to tax the value of the robot's productivity in a manner at least as severe as we do a corporation today? IOW, to fund the value of the UBI being dispersed population wide, minus those over a certain very high personal income threshold?
A drunk with $1000 makes more good to the economy than a politician with $1000
This guy hasnt read the latest studys on ubi and recites the same old tropes wringing hands about how the money is used, nobody asks stock shareholders how they will use their dividends, why should we ask americans how they spend the freedom dividend. furthermore people always ask where the money will come from but they never ask that when paying for bombs and weapons of destruction, this is more needed than stupid raptor planes that drones can easily out maneuver and destroy, time to cancel some dod spending if necessary to get this done.
#Yang2020
Ok so let’s say you have a drug addict with 1000 dollars per month. Either they od or they get worse or get better. If they OD the kid is not homeless cuz they have 1000 bucks a month. If the drug addict parent gets worse the kid can also leave because they have 1000 dollars a month...
Don’t actually see what the logical issue is... maybe be doesn’t want his employees forming businesses and is backwards rationalizing 🤔
Ubi tests did not show drug use problems and decriminalizing drugs like in Portugal has the best effect on drug use.
Ray Dalio? My God, who's next? Obama?
I feel like just a year or so ago, I was watching you teaching self driving cars, now you're interviewing the world's interesting people...
I feel as though the same people who argue against UBI or Universal Basic Income focus in on the VERY small proportion of the popular who will use the money for bad choices or for harm to themselves and use that argument to represent that other 95% of the population that UBI could help. I find that people who argue against UBI are also the people who argue against gun control and they use the same argument but backwards. People against gun control won't let the VERY small fraction of people who use guns for harm represent the whole population of gun owners but they want to let the VERY small fraction of monetarily irresponsible people represent the whole population. It's very interesting to see which arguments people will cover up and hide the "bad apples" and which instances they let those individuals shine.
Educational outcomes are not determined only by our teachers, the facts are that 2/3 of a childs educational outcome is determined by a childs at home situation: stress levels in the home, financial insecurity, time spent with a child, neighborhood environment, 78% of Americans are living paycheck to paycheck 54% cant afford a $500 emergency, a ubi will create an unbelievable difference in outcome for child educations. We have to invest in our kids and ubi will be the biggest game changer in the world for Americans
People are not being left behind. They are falling behind. America is becoming an ever increasingly technologically driven society.
Only 12% of U.S. adults scored in the highest literacy proficiency levels, and only 9% scored in the highest numeracy levels.
While 52% of Americans score below the minimum literacy required for coping with the demands of everyday life and work in a complex, advanced society, and successful secondary school completion and college entry.
Excellent follow up question. Because that's what I was thinking while Mr Dalio was speaking. "You don't trust people to use their assistance in the right way? ie They are going to spend it on drugs and gambling instead of food and diapers for their child?" I love Mr Dalio and the dialogue he shares with us. Although I don't agree with him.
As soon as the internet was created...equal opportunity was as-well.
👍
I want to see Ray and Andrew have a conversation. I respect them both so much. I think Ray would be fully behind Yang if he understood the logistics of the freedom divided.
To the point of childhood being the most important I completely agree. That’s why riding family from financial stress so they can focus on creating a loving environment is key. You can throw all the money in the world at schools but if they go home to a broken home then what’s the point.
@Micah Marino that’s the things with the school a lot of them don’t spend it on the children you’re 100% correct a much better stress free home would do wonder for the younglings
I believe Yang and Ray know/work with at some level and have mutual respect for each other. After listening to a bunch of podcast from Ray in period, Yang resonates the same way.
Andrew Yang 2020! Ray is a hidden yang gang
The people at the bottom of the socioeconomic ladder have proven themselves to be poor parents. Simply paying them to not have children could wipe out childhood poverty in one or two generations while simultaneously lifting those adults out of poverty.
Who cares if 10% of people use it poorly. Some people will always be foolish. Does that mean we should punish the other 90%?
They never say the federal reserve system
The problem with Ray Dalio's idea of money coming out from somewhere ELSE to pay for UBI will NOT work. UBI needs to be based on an intrinsic value, and that Intrinsic value is based on BEING Human, so it is an automatic credit that is not linked to debt at all. It would be a new economic model that perhaps Ray has not even thought about yet. It is important we have a new economic model that is outside of the present Productivity, employment, income model, because this will not work once we become a galactic entity.
It’s only for adult US citizens. Nobody, not Ray or the US government should have the right to tell you how you can spend your dividend.
It could just be that the alcoholic parent is going through alcoholism due to a financial strain in your life and this kind of relief with $1000 of wiggle room they can help recover them selves
Everyone is fucked. This generation will have to focus on itself which means alot of us will not be able to have family and kids because you need job and money to sustain that.
Not all humans are created equal. There are 327 million people living in America. Of those, 16% have an IQ of 85 or less.
Thats around 52 million people who can look forward to a career as Unskilled laborer, Gardener, Janitor, Maid or a Dishwasher.
We need a positive eugenics program. One that encourages meritocracy.
You can tell Ray is low key tans supporter, just to emphasize Yang gives you the option to opt in if those other programs doesn’t meet the $1000 requirement. I do understand as far as wanting to give it to parents who would be responsible, correct me if I’m wrong don’t want to sound premature but I’d like to think most parents are and would love to see those children blossom.
As if education was the reason why the son of a tennis club buddy gets the job in your company. Hard to watch.
@Ken MacDonald I did not want to compare someone who can't read with a math grad. But "social capital" is something difficult to earn as a child. And the ones who have it are more likely to succeed.
Agree, you proofed him right...There is a lack of education...
Us humans need to be invested in for jobs housing and health or basicly the Chinese saying you want the realm to get rich build roads the young Chinese say you want a country to be rich build high speed railways.
I'm all in for UBI as long as it doesnt destroys the USA dollar's value.. if it doesnt... I'll b in South America like... send me my check bitch... if it does destroys the dollar's value, I'll b pulling a bitch here cuz inflation is gonna go thru the fucking roof..
Should read the BIG Project in Namibia, you'd be surprised by the conclusion results. It's also the chicken or the egg. a lot of families can't get off the starting block to make the right choices simply due to financial duress. The very same duress is known to reduce IQ, give em money, they'll make better decisions over time.
In the short term we'll figure it out. In the long term our society wasn't built for this... Too much profit motive. Populations will shrink considerably if AI is in charge. What will people do?
All I will say is this: Don't let these comments make up your mind about Yang, or Bernie for that matter. Do some research. A lot of these people are talking like they know everything...
One more thing... You are doing great Lex!
@@sphereron Srsly
There are 2 issues that MUST be addressed with UBI and I don't hear anyone talking about it. First, will UBI be indexed to the cost of living? Second, what legal guard rails will we put in place to keep retailers or real estate owners from inflating their costs knowing people will have extra income from UBI? Both of these issues will accelerate inflation and also erode the usefulness of the UBI safety net.
Fix price fixing by price fixing not a long term solution. If demand of something increases faster than the supply the price is going to rise basic econ doesn't matter what the government does, case in point illegal drugs.
@@geraldg350 I don't disagree with you but your response isn't a solution to the problems I identified.
Lex, I would love to see J. Peterson on your show sometime.
I enjoy listening to your conversations because I think you’re a good host and contributor to the discussions.
I think you and JP could have some very interesting conversations about the integration of AI into our society.
You’re an expert on actual AI, and you therefore actually understand how the technology works and what it’s capabilities and limitations are.
JP is an expert on human behavior. He understands people on an individual level, as well as on a societal level.
Having both of your minds in the same room and having productive conversation would absolutely be a public service.
Yes, for sure, we'll make it happen. We have a lot to talk about psychology and the human mind (which is my first love) and I'd like to explore with him his outsider perspectives on AI and robotics.
Great to hear!
Ray is definitely Yanggang
Opportunity is never equal
If Ray Dalio could become the president, the world would be a better place :)
Most will use it right. A minority will fuck it up. Does that mean you should not do it?
stupid camera focus on the young guy? why??????????
Still waiting for his thoughts on ubi.....
He just gave a long winded politician-like answer that didn't address the question. Basically the definition of strawmanning.
😑
Is this interviewer ill? I feel like I need a prescription of Prozac now.
At first talk about UBI as basic health and pension insurance. Do not jump and skip things.
disappointed that Ray thinks 'someone' should tell how we spend our money. In a large enough group of peoples, there are going to have bad seed. There is going to be bad parents, are we going to test who should be allowed to have babies? I feel like, a lot of the rich peoples think they are better than us simply because they have a lot of money. Bloomberg is another example, Soro too. I am sick and tire of these 'rich' peoples.
I always enjoy listening to this podcast and Ray Dalio is a great guest. His ideas about people and UBI and the potential for misuse was very disappointing, given the incredible amount of waste in the financial world and the BS about efficiency on Wall Street which floats in what is essentially stolen money.
The movie Idiocracy gives us a glimpse into the future of America after the implementation of a UBI.
czcams.com/video/9yqUcLtr6z8/video.html
Some alcoholics and addicts will use the money for treatment. How many? I don't know but it should be acknowledged. Money can provide hope and stability which are things needed to handle lifes problems. We have fire. Most used it to cook, warm their homes and help build things. Some people became arsonists and destroyed lives and property. Should we have banned fire because of a small population? www.andrewyang.com
It's a digital simulated cloud economy: Tell the truth
I like Ray, but he's either being narrow-minded or intellectually dishonest. Clearly, lack of financial security and lack of hope about the future is an enormous issue that snowballs into poverty, drug and alcohol abuse for many people. UBI would lift many people out of that cycle and prevent other from entering. Additionally, UBI would significantly raise the economic value of the communities hit hard by automation and globalization, creating opportunities for people that previously had none. He seriously underestimates how much this money would help a majority of Americans who are hard working, but beaten down the hollowing out of the middle class. The paternalistic/elitist view is getting very irritating.
His ideas are all well & good, but I think they carry a few assumptions which aren't fundamentally true.
For instance, I think implicit in his ideal is the idea that everyone's baseline capacity is equal. That's simply not the case, however. For instance, some people's genetics make them much more athletic than someone with different genetics. I can train however much I want to but I will _never_ be as suited to swimming as Michael Phelps, for instance. The same goes for brain power, unfortunately... some people just have more to work with than others, which means if our economy is focused only on creative, entrepreneurial, & scientific work, there will be people who are inherently disadvantaged, no matter their educational resources.
I'd also say that his perspective on how poor people generally hand money is the perspective of someone who has never been poor, or at least who doesn't really understand what he's talking about. Most people are not poor because they spend their money carelessly... indeed, I'd argue that most of the poorest people I've known have been the most careful with their money simply because there's not much to go around.
To argue against a system that most economists have found would be an economic stimulus & one which could help millions of people on the grounds that a few may spend it irresponsibly seems, itself, irresponsible to me.
I wholeheartedly agree.
Yes and this is coming from Ray Dalio who also says in other interviews that he believes the fed will in the coming years have to use loose monetary policy and provide more stimulus (in the form of buying back bonds).
Wouldn't you want that stimulus instead going direct to the people who could stimulate the economy from the ground up which would go much further rather than to the banks?
He also goes on about the importance of Education and early age education and mentioning household/family conditions. Doesnt he realise that UBI has the potential to make a massive impact on the household in terms of lowering stress levels and improving basic living standards? Imagine that impact to early childhood education. That's before going into improvements to education & health systems.
78% of americans live paycheck to paycheck
ray waffles alot without saying anything of substance.
Either way, whether some will make bad choices with their money or not, we should let the people decide what they think is best for them, and not the government. Isn't this the foundation of America?
Of course there will be those who will not make the best choices in their certain circumstances, but I think UBI will have an overall positive effect for the major of people. And do you think the current welfare system works?
Also for those who make poor choices, they still have the opportunity to overcome them since each month, since they are given UBI (and do not start from zero). Humans will now have value, instead of the current system, where the homeless is ignored and treated like animals.
UBI is really a Universal Business Income.
Business owners have the most to gain from Yangs plan.
By redistributing wealth to poor people businesses stand to gain more consumers with more money to spend.
UBI will remove the natural constrains that slow down the growth of that portion of the population with the least earning potential, the least cognitive ability, the highest incarceration rate and which contributes less than they consume.
In a word UBI will be dysgenic.
Let people make the choices they want as long as it does not affect public good; when it does, that's where law enforcement comes in. Again, UBI trials showed it will do more good than bad. If UBI is not made mainstream, job disruption by automation will not be waiting. It will come like a tsunami and put pressure on existing welfare programs. This is not a choice, it's an emergency.
Actually, most people who have modeled it say it is the quality of jobs, not the number of jobs. A report from MIT even came to that conclusion. news.mit.edu/2019/work-future-report-technology-jobs-society-0904. A new paper from Brookings says that white-collar workers will be most affected. www.brookings.edu/research/what-jobs-are-affected-by-ai-better-paid-better-educated-workers-face-the-most-exposure/ Robot dexterity is extremely difficult what is he talking about? I would also argue that for your talk of ai revolution I don't see it no self-driving vehicles no life-like chatbots (bert is not implemented yet so we'll see) no bump in productivity statics And labor shortages . You people just can't keep saying oh yeah technology is accelerating and we will automate all the jobs and then year after year nothing really changing. We've been on a cusp of an AI revolution for the better part of a decade but where ?? Andrew yang is a fool. For example, the people who actually are designing self driving trucks don't believe it will automate jobs. ""It'll be a very gradual thing, and truck drivers still need to [drive] trucks. Think about the gap we have [in terms of] truck driver shortage. The average truck driver age is 51. I don't think even [on] a very optimistic view, we can fill up that gap within the time frame it needs to be filled. According to a July 2019 report by the American Trucking Associations, the US trucking industry was 60,000 drivers short of the number required to meet industry needs in 2018, up nearly 20% from 2017's shortage of 50,700." www.businessinsider.com/tusimple-founder-trucker-hours-tarnish-glory-humanity-2019-12. I think it is time we make the ai community slobber and have them realize so far they haven't really done much to radically change the economy or people's life. Get self driving cars up and running and we can talk. We don't want to have a policy response too quick because we don't know what the future looks like. Just like they regulated the Internet badly in the 90s because they didn't understand the Internet that deeply we don't want to regulate ai badly. What if AI creates lots of jobs and this question will be moot. There was a new paper from Brookings What if ai takes longer than you guys expect? If ai comes quickly we can just slow down the implication.
His views on ubi somewhat contradictory. Ubi encourage addition is bad example.
Frankly this was a very basic and uninformative take on UBI. The arguments are the same you would read in a youtube comment.
Andrew Yang is the truth!
Whole wide world needs people like Andrew Yang tbh not just usa ^_^.
Politicians will never implement UBI, because its not taking care of the rich who own them. Free flow of capital has made it impossible for Unions to have a strategic advantage vs the rich because they can move their money to countries or even states that do not have unions. Bouing is moving out of Seattle to the south. The topic of UBI is outside the scope of « rapport de force » between wealthy and have nots. In America employees have lost the battle long time ago. The education is failing because the wealthy are not interested in having a work force that can think. Education is expensive, healthcare is lacking. The Chinese are killing the American market because free movement of capital is restricted, they have all the engeneers they need and the wealthy are facing the communist party, who is interested in its own power.
The real topic to repeat myself is the the « rapport de force » and since the workers have lost buy buy UBI.
Just remember how Yang abandoned his UBI. He has a handicapped child needs money and has probably been bought. That isvthe way of the world especially in the USA. The USA benefitted after WWII of qualitative immigration and 30 years of free education. That has gone.
Today I wonder how long will there be a flow of qualitative immigration to the USA? Are chinese, coreans coming in mass? It is not only about dolarisation but also about the quality of life.
vote andrew yang
CLASSIC BABY BOOMER PERSPECTIVE. Totally out of touch.
:)
screw Andrew Yang. #Trump2020
Uhuh. Give everyone 1k a month. Watch your taxes and rent double. $10 gallons of milk. 😎 cool
@@kreek22 then it wouldn't be a UNIVERSAL basic income
I guess market forces like competition, supply and demand will disappear magically, else we need new regulation on pricing
www.weforum.org/agenda/2019/12/universal-basic-income-charity-poverty-kenya/
My issues with UBI is exactly this. How do you ensure that the money is well spent? Plus, you are not creating this 1k for everyone out of nothing, you are taking it from either other governmental programs or from other peoples earnings (taxes). Moreover, markets will react to this surplus in money. For example, if i was a landlord, I would immediately charge more for my rent because people can now afford it (this would definitely happen because the demand for housing would go up dramatically). Same goes for every other service provider.
Ivan s UBI created from VAT. People spend their money well. No need to worry. Research it online.
I think when people start talking about "How do you ensure the money is being well spent" it shows how far removed these people are. How would you define well spent?
Because If you received that money you would spent it well, am I right?..and other people would spend it all on drugs.
It's not your money. its other people's money and they are forced to work for you and give their money to you. Money that is not self-earned is always not as efficiently used as your own self-earned money. That's human nature. See the government for example: the biggest and most inefficient system human kind has ever created.
@@PinkSummer1017 this is early days for data collection in this area. studies are very small and money given is very limited. personally i think ubi is going to happen but we need much more robust data and experiments. which i hope we get.
the point about rising prices is a good one. look at what happened to college tuition and medical care. once a guaranteed payer entered the market the markets need to compete on cost went out the window. i think this is an important point we should not ignore. china's basket case bubble econ proves command econs can be enormously inefficient and wasteful at allocation. that said all the benefits of automation are accruing to a very limited number of people and that is also a huge problem that needs to be solved. so far ubi is the only idea thats making any headway in the public mind.
Communists. 😂
UBI is unethical.