If You Want More Billionaires, Vote For Trump In 2024
Vote progressive to reduce the number of billionaires in America.
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Millions of Americans just got another $250 or $300 per month per child, in the form of a child tax credit. It came for me and my two kids two days ago. It’s a really nice cushion against calamity, or to send my kids to gymnastics. For most parents, it’s more money for school supplies, clothing, or some extracurricular activity. And for millions more, that extra money puts dinner on the table. For them, it’s the difference between eating and not eating.
I realize that the expanded child tax credit is a boon for parents in America. For 6 months this year, we’re running a basic income experiment for people who take care of kids. I’m a believer in basic income. I think we need a basic income program. I’m a fan of the work of Scott Santens, by far, the most visible advocate of basic income. As much as I like the concept, there is still something that bugs me about the idea.
A basic income program doesn’t address the way the economy is rigged. I have come to the conclusion that if the market were actually fair about the distribution of income, it is not likely that we would need the child tax credit. We might only need a very small welfare state to support those who really can’t support themselves.
Look at the enhanced unemployment benefit that we instituted for just the last year. Republicans groan that such a large benefit would discourage people from working. But they never ask the question: why aren’t we paying people enough to want to work? The federal minimum wage is still about $7.25 an hour. It hasn’t moved for almost a decade now. Progressive economists have calculated that if the federal minimum wage had kept pace with productivity and inflation, it would be about $24 an hour.
I just read that big banks are setting their minimum wage to $21 an hour. That means if you want to work at the lowest paying job at a bank, say, as a teller, you’re still going to make $21 an hour at one of those banks. The banks get it. Republicans do not. Sitting at a desk as a teller is a fairly easy job if you can do the math. I think the banks are going to get a few more people off the dole with their minimum wage.
