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Andrew Yang on Social Security
Democratic Presidential Challenger & Tech CEO
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Universal Basic Income recipients might lose other benefits
To receive UBI, citizens would have to choose between the $1,000 or any existing welfare benefits--potentially including Social Security, disability insurance, food stamps, and housing assistance. It's unclear whether Yang's UBI would be worth that
trade-off for many low-income families. Yang's press secretary could not provide a "full list of programs.but health care is definitely not considered part of someone's current benefits when talking about the Freedom Dividend."
Source: Mother Jones magazine on 2020 Democratic primary
, Apr 23, 2019
Disability creates a permanent shadow class of beneficiaries
The fund for disability insurance recently ran out and was combined with the greater Social Security fund, which itself is scheduled to run out of money in 2034.We pretend that our economy is doing all right while millions of people give up and "get
on the check." It's a $143 billion per year shock absorber for the unemployed or unemployable, whose ranks are growing all of the time. After one gets on disability, one enters a permanent shadow class of beneficiaries. Even if you start feeling
better, you're not going to risk a lifetime of benefits for a tenuous job that could disappear at any moment.
Disability illustrates the challenges of mandating the government to administer such a large-scale program. It's essentially the worst of all
worlds, as the truly disabled and needy may find themselves shut out by red tape, while the process rewards those who lawyer up and the lawyers themselves. It sends a pervasive message of "game the system and get money"
Source: The War on Normal People, by Andrew Yang, p.141-2
, Apr 2, 2019
Disability creates a permanent shadow class of beneficiaries
In 2013, 56% of prime-age men 25-54 who were not in the workforce reported receiving disability payments. We pretend that our economy is doing all right while millions of people give up and "get on the draw" or "get on the check." It's a $143 billion
per year shock absorber for the unemployed or unemployable, whose ranks are growing all of the time. After one gets on disability, one enters a permanent shadow class of beneficiaries. Even if you start feeling better, you're not going to risk
a lifetime of benefits for a tenuous job that could disappear at any moment. Disability illustrates the challenges of mandating the government to administer such a large-scale program. It's essentially the worst of all worlds , as the truly
disabled and needy may find themselves shut out by red tape, while the process rewards those who lawyer up and the lawyers themselves. It sends a pervasive message of "game the system and get money"
Source: The War on Normal People, by Andrew Yang, p.141-2
, Apr 2, 2019
Optional automatic tax-free retirement investment vehicle
It's very hard to save for retirement years from now, and accounts seem very complex. Yet the earlier you start, the better off you'll be. We need to help Americans simplify their financial lives by making retirement savings self-activating.
It's a lot easier to save money if it's automatically being done for you.Problems to be solved: - People want to do more to save for retirement but don't know how.
Saving immediately is hard, but defining a time in the future to automatically start and increase that saving is much easier
As President, I will...- Create a tax-free investment vehicle into which people can opt to
automatically have a portion of their income directed, and allow them to define automatic increases to their contribution (either based on increases to their reported income, or at regular intervals)
Source: 2020 presidential campaign website Yang2020.com
, Mar 29, 2019
Fund Freedom Dividend payments with 10% VAT
Lifelong assured income would not be funded by payroll taxes; given that its purpose is to supplement labor income, it can't be financed by further taxing it. One potential revenue source is a national value-added tax (VAT). Yang has proposed funding a
$1,000-a-month Freedom Dividend with a 10 percent VAT. Like any consumption tax, a VAT is regressive if it stands by itself but becomes progressive if all its revenue is recycled equally.
Source: The Nation magazine on 2020 presidential hopefuls
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Page last updated: Apr 29, 2021