Is Universal Basic Income a good idea?

Absolutely, if it is global, and pays each adult human willing to sign a social contract an equal amount from the same place.

It is simple to find fault with something non-existent by attributing unattainable requirements. 

Anna Coote tells us: "Starting from or believing in a mechanism is misguided"

Consider this mechanism though: Require sovereign debt to be backed with Commons Shares, that may be claimed by each adult human on the planet, exclusively for deposit in trust with their bank, as part of an actual social contract.

1. If implemented, UBI would be collected and paid extra governmentally. Government's involvement is simply making their debt payments to an aggregation and distribution account that distributes the interest directly to Share accounts. This places each government in debt to its citizens. With each shareholder owning a Share on deposit in a local bank, we know from experience that government will be more responsive to each, as these deposits and income leave with their owners, and these deposits are the source of credit at a controlled and sustainable interest rebate.

2. In this form, UBI would be interest payments from a trust fund accquired by contract, and while employers would be aware of this, there is no reason to expect that to provide any more leverage for employers than employees, who will be more empowered to seek other employment, or engage in competition. With each shareholder recognized as a sovereign individual, each would have access to secure loans against a portion of their share at the sovereign rate, for home, farm, or secure interest in their employment. This feature significantly increases the power of each individual.

3. UBI in this form enables dignity. A Share of the economy, along with a residual income regardless the amount, and access to sustainable credit, is dignifying. That said, UBI in this form would have no initial effect on current benefits programs, largely because the income would be very small. Because no basic income scheme could currently provide all everyone may need, social contracts will still be required to provide benefits of some kind, and associated indignities may well persist. 

4. The financial cost of UBI in this form, initially, is minimal. Since the income provided is the interest on sovereign debt, and sovereign debt payments are currently being paid, an income of about $20/month will be provided with no increase in taxation. Increases in the basic income will increase as global sovereign debt increases, which can be affected by each individual, local, state, corporate, and federal sovereigns. The basic income then will be arrived at by market forces.

5. Clearly UBI in this form is not envisioned as a "full" income, though that is within the limits, and with improved social benefits, less income will be required for "fullness". Note that this form does not redistribute anything, it distributes quantum bits of fiat credit, limited rights to lend fiat money into existence, and the income produced is the interest on those loans. This simple mechanism would certainly reduce poverty, and eliminate destitution, along with creating a single focus for each adult on the planet, a common ownership, concern, complaint. The value of this defies quantification, but is great.

6. UBI in this form defines, limits, and distributes fiat credit, that will be invested by those banks holding Shares in trust. This makes a vast amount of sustainably priced credit available on a per capita basis, enabling investment for all levels of government, and all interest paid goes directly to increasing UBI. Initially, money currently backing sovereign debt will be displaced with Commons Shares, and require reinvestment, around two hundred trillion dollars. With the investment welfare of secure sovereign debt unavailable the world will be awash in investment capital.

7. UBI is an individualistic monetary intervention, that provides a common focus for each shareholder worldwide. I suspect this would have a positive effect on social solidarity, particularly with the requirement to provide social contracts. With the bulk of world credit distributed to local institutions all systemic problems may "be addressed by people getting together and building shared control over local economic development, wage bargaining and decisions about national investment in industry and infrastructure." With local investment taking a more leading role.

8. Right wing advocates can believe what they like, but UBI provided by global economic enfranchisement is a reasonable extension of the post-war welfare settlement, and I will place my faith in the enfranchised.

9. This apparently neat and simple silver bullet, will likely not provide the inflated demands framed by those who argue against UBI, but what it will do is well worth the minimal effort.

10. Finally, UBI in this form will require a thorough examination of the social contract, and the creation of actual documents. This allows each location to establish a social contract that reflects the diverse needs and customs of the various peoples.

Thanks so much for your kind indulgence