Seems like all that free money and no one working has definitely caused a supply issue ... yet everyone has tons of money furthering pushing up demand yet supply to meet the demand has shrunk.
For those who push for a universal basic income where large groups of people do not work ... do not help produce the supply only push up the demand. Why do you think UBI is still a good idea and you are perfectly fine with how things are now vs. how they were?
*Please note i want workers to be paid more then fairly and when i go out i tip up to 30%, as well happily pay $60 to $100 for dinner at Applebees (or similar places) for a friend and or a date and myself.
Because the obvious response to insufficient supply is to make more stuff, thereby growing the overall real economy. Yes, it's a lagging function. But it's frankly insane to insist that today's transient supply chain issues mean that people need to be paid less than a living wage in general...
It's similar to the old argument over slavery. Yes, removing slavery causes large realignments in the economic system. But overall removing slavery grows the economy, both by encouraging automation of jobs people don't want to do and by increasing the number of people buying stuff and performing more productive labor. Add in additional points about recognizing basic human dignity as needed.
Hmmm but I didn't say anything about wages which I'm very happy to pay more and do now .. tipping more then 20 percent, tipping sub makers at Jersey mikes and happy to pay up to $30 for a burger fries and drink at five guys. Going out to eat with a friend or a date is now a $60 to $100 affair at Applebees or places like it with tip. All good to me!
UBI aka welfare which is what we all had to be offered during covid .... the affects of it is per this article is that demand went way up and supply went down a lot cause of less people weren't working creating the goods and offering services we grew accustom to having readily available.
Until the robots take over to fulfill the supply to meet the demand I think based off what we are seeing now everyone should be working and pay everyone a solid to great wage for contributing to society!
I mentioned tipping and stuff because the OP's comment seem to think since Im not for UBI that I don't want people to receive a fair to great wage for low level jobs which isnt true.
Paying workers a higher hourly wage to tipping them a lot more I believe is the good, fair and right thing to do. Reward those who are out there working the low level jobs most affected by the worker shortage.
Personally, I believe UBI is a good offset for automation strength - an offset for lack of jobs.
We're no where near full automation so probably a bit early for UBI, but I do think there's an argument that if the workforce demand isn't met, automation will be used to backfill. Takes time of course, but it's a one way street.
Sure but that's a possible future thing just like Zuckerberg's vision of the future of the Internet. Right now ramping up to that level automation that supposedly outstrips jobs is MANY years to decades to more away.
Don't have a strong opinion on UBI, but considering the magnitude of the coronavirus pandemic I consider things now to be much better than I would have anticipated.
"do not help produce the supply only push up the demand"
Somewhere between 30% and 50% of jobs do not 'produce' anything, they are Starbucks, Macdonalds, etc. They have no bearing on supply of goods and their shortage.
"yet everyone has tons of money furthering pushing up demand"
This was happening at the top of our wconomy for the past 30 years, thata whu the stock market and house valuations have sky rocketed.
For those who push for a universal basic income where large groups of people do not work ... do not help produce the supply only push up the demand. Why do you think UBI is still a good idea and you are perfectly fine with how things are now vs. how they were?
*Please note i want workers to be paid more then fairly and when i go out i tip up to 30%, as well happily pay $60 to $100 for dinner at Applebees (or similar places) for a friend and or a date and myself.