Michael Osterholm is one of the doctors advising Joe Biden on the coronavirus. He has said the US needs to impose a complete lockdown for four to six weeks. Osterholm claims this won’t be a problem because the US government can just pay everybody. In other words, Uncle Sam would give every American a paid vacation.
In his podcast, Peter Schiff explained why this proposal is ridiculous.
We’ve seen growing support for a universal basic income or UBI. In a nutshell, the government would pay every citizen a set amount of money without any means testing or work requirement. Democratic Party presidential candidate Andrew Yang has made UBI a central issue in his campaign. Under his plan, every American over the age of 18 would get $1,000 per month, guaranteed. This sounds great, doesn’t it? Who doesn’t want free money? But the plan raises a few questions — like how would the government pay for it?
In this episode of It’s Your Dime, host Mike Maharrey talks with Antony Sammeroff, author of the book “Universal Basic Income: For and Against.” They discuss the pros and cons of UBI and delve into some of the economic ramifications.