Elon Musk - It Will Be Universal High Income

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[paradigmtheorem]

I have been studying basic income for over a decade. It has been my primary focus as I believe it will be the single most important thing to happen to humanity, and I assert that anyone who continues to research and look into the benefits of eliminating poverty in every aspect of human life could not possibly disagree.

At this point, quite literally, every single study, statistic, and thought experiment done in good faith has shown that a universal basic income will be a boon to everyone, and everything, in every conceivable way with no drawbacks that aren't easily mitigated by better systems made possible from UBI.

It is an ethical, moral, economic, and environmental imperative.

The existence of poverty in a world with such wealth, and infrastructure is criminally negligent at this point.

We deserve true freedom.
We deserve better choices.
We deserve dignity.

We. Deserve. Better.

[PhenixRyze]

Humans were not made for working 40-60 hours a week for menial tasks. Finding our "worth" means finding what makes us happy and pursuing it

[heyjude]

We should wait for UBI until enough people lose everything so we can achieve the goal of owning nothing and being happy.

[chidera]

He's saying after a period of time... we'll have universal high income. We'll start out with basic and then move to high over time. This is just a time compounded metric. Thanks for the video.

[redmoonspider]

Finding meaning? What would you rather do? Work at your job or care for animals, the environment or people, coach, teach..any interests you have you find fulfilling.

[HermesQuadragustus]

Tons of people who are neets already just play video games all the time and get plenty of fun and meaning from that. Our whole industrial economy has been a gun to the head of workers saying "contribute labor or else!" the idea that wage slavery is the sole provider of meaning in human life is a scam on a civilization level.

The AI and robot driven portion of the economy will hit a point where it is doubling constantly and providing labor so cheap it hits Jeremy Rifkin's Zero Marginal Cost Society but for all labor too - not just transport, energy, and communications. We'll be in a situation when a modest tax on the robotic portion of the economy provides enough wealth to go around, coupled with the deflationary scenario of all goods and services asymptotically approaching requiring that zero marginal cost to produce more. In the same way that the poorest person in a western society lives longer and experiences casually cheap luxuries that no king two hundred years ago could afford or imagine, what is coming promises to give everyone the subjective lifestyles of billionaires.

[Thechatwithchad]

I had no expectation that UBI would have ever been started before AI

[Dark]

Heck yeah, doing my hobbies and not dealing with toxic workers or bosses at a job for many hours that get mad easy or want. The work done fast causes a lot of stress to someone which is not good for one's mental health and receiving some type of money that's universal. I would want that when it comes to people not working. I think regardless, there are going to be people like that. There is no stopping the fact that even today, we have people who do not work; some of them just don't like working for bosses or dealing with many workers in person.

[kconnor]

The Industrial Revolution eventually improved living standards despite initially harsh conditions. Today’s tech revolution has even more potential but brings job security worries due to automation. However, AI advancements could lead to universal basic income or higher wages, creating an era of abundance. This can free us from boring jobs, letting us focus on more meaningful pursuits. Embrace the future and unlock this potential for everyone!

[edellenburg]

I agree with Elon Musk. When AGI is developed soon, we will need to roll out a universal high basic income to support families. There won't be a need to work because AI will handle any and all jobs. If you want to work, you still can, but most of your income will come from the money made by AI and the reduction in costs because of AI.

[shinyxcrab]

The things he is doing now with making major cuts in our social programs and complaining about billionaires being tired of subsidizing these same programs makes me think he isn’t really being honest about his views on UBI.

[Wlodixpro]

To be fair I think when all this happens the general goal of humanity will be space exploration. Of course if we dont die in the meantime

[JohnSmithAB]

One thing might be to give everyone the ability to choose when to opt in, however, the longer a person waits to opt in the more UBI they qualify for. This is like Social Security in that if you take it at 62 you get much less than if you wait to opt in at 67. Also, opting in could wipe out or reduce your Social Security. This solves the Social Security fund issue. We also need things like Universal Basic Equity/Universal Basic Services etc. At a minimum, people should not be starving and/or living in tents in any modern industrial country. That is totally unacceptable and a disgrace.

[totoroben]

Elon Musk is asking us to hope for the best and not plan for the worst. If you look at what is right in front of you, which is increasingly power becoming more intensely concentrated to those who own the bots that have replaced workers.

[christopheraaron]

Near the beginning of the interview the discussion of finding meaning if you don't have to work.

Okay I'm 68 years of age right now I'm technically retired which means I don't have to work. One of the things I do is I get up in the morning have coffee watch YouTube videos and after I wake up a bit I might practice a little bit of guitar and then a little bit of keyboard and go out and go to the gym do some running come home take a nap and then I might watch some more TV and simultaneously practice guitar scales until I can pause the TV and maybe a start playing you know jam tracks off of the iPhone or else plug in my own backing tracks that I compose myself and even then I am limited because of the fact that I need to work out in order to keep my aging body somewhat viable and I don't always have enough energy to do everything I want so in other words I would want AI to help me get more energy and need enough sleep less sleep and maybe improve the software I have for automating certain aspects of music and everything else so then I have more time and energy to do things I want so therefore that's how you get some effing meaning in life!

[JohnSmithAB]

This culture is extremely vulnerable to the obsolescence of "knowledge work", which AI is very capable of replacing in the next few years. Countries like the United States and UK almost totally deindustrialised over the past 45 years so now most people sit behind a computer all day for a paycheck. And if you sit behind a computer for a paycheck, your job is in the crosshairs. Demand UBI or start pricing tents and scoping out bridges.

[christopheraaron]

12:42 The formula may just simply be as simple as adjusting the income supplements to maintaining the GDP because when you have unemployment and workers income drops then the GDP is also going to fall so then therefore just simply keep adjusting the income levels upward and as a matter of fact if AGI and so forth is deflationary because of the fact that it makes things so much more productive with fewer people then the basic income or the income supplement should be raised up to the level to maintain GDP and if prices are falling anyway will then what would have been a basic income maybe three or four years before the period would become a pretty good income like try to imagine what $20, 000 a year would have bought you in the 1950s for instance right now it doesn't buy you anything hardly.

[wunderlichdrive]

I am highly skeptical that UBI will be the solution. Rather, the broad population needs to profit from what these huge corporations are doing. They will create tremendous wealth for individuals and corporations that are already wealthy. This will only increase the wealth gap. There is no way that a basic income provided by the government can compensate for what will happen to society. Instead, this will turn into a way to keep the population at the lower end of the wealth spectrum and reinforce the purchasing power of the minority.

[robgannon]

Of course unemployment won't sit at 5% long term. It will rise to over 50% if not as high as 90%. Automation from AI and robotics will make most work obsolete. UHI or UGI will be necessary not UBI.

[noergelstein]

What we need is a move away from income tax. Tax resource usage, especially land with a land value tax. That would greatly reduce the cost to buy land (replacing it with a permanent payment), making land speculation impossible. Our tax system should:
- tax productive activity as little as possible, so small income tax, sales tax, stamp tax, VAT etc.
- it should tax resource usage and pollution production as much as possible. So land value tax, resource severance taxes, CO2 tax, etc.
Imo we also need to overthink our currency/banking system, but that is difficult as well, especially since changing the tax system would already have profound implications to our capital markets. But what I would like to see is a demurrage on currency, to facilitate the flow of money in the economy.