Won’t it cause inflation? What if prices go up for food and housing?
Concern about inflation is a reason to be diligent about cutting welfare, eliminating corporate welfare, abolishing tax breaks and credits, and ending wasteful spending at all levels, federal, state, and local. Those cuts will offset the basic income.
Many economists are now more concerned about deflation than inflation. Because of stagnant incomes and technology-driven job reductions, Americans have less money to spend, and that lack of spending and demand is hindering economic activity generally.
If there is any inflation, ever, basic income will be a cushion, protecting us from higher prices. We’ll stay calm while the Federal Reserve acts to prevent further inflation. Economic conditions will be more stable than today, and stability is good for consumers, businesses, entrepreneurs, and investors.