The point of basic income is that everyone needs it to be there. You personally may not need the added income as the head of a multinational hugely successful electronics company selling luxury mobile phones and reaping in billions. But who's going to have enough money to buy your phones when 50% of people are out of work because your companies like your own have cut workforce by 70%?
We are at a point where we have become too efficient at so many fields, which is not healthy in an idealistic capitalistic Society. All the wealth concentrates at few actors, and then it starts clogging the wheels instead of oiling them.
How does society prevent rioting when we reach 50% labor participation? How about 10% or 1%. Each will happen, possibly within our lifetimes, because of automation and extreme efficiency improvements.
The answer is right above you. Universal Income. However I suspect that instead society will let the owners of the automation become staggeringly wealthy while 50% of the working population are on the bread-line. Then there will be riots, then perhaps we will get a more equitable sharing of the value that society has created.
The point of basic income is that everyone needs it to be there. You personally may not need the added income as the head of a multinational hugely successful electronics company selling luxury mobile phones and reaping in billions. But who's going to have enough money to buy your phones when 50% of people are out of work because your companies like your own have cut workforce by 70%?
We are at a point where we have become too efficient at so many fields, which is not healthy in an idealistic capitalistic Society. All the wealth concentrates at few actors, and then it starts clogging the wheels instead of oiling them.