It is now well understood that this pandemic has exposed the weaknesses in our ecomonic systems as well as in our supporting infrastructure. It was also understood early in the year that some form of temporary UBI would be needed. The call now is to make these temporary measures permanent.
We have seen the wreckage around the world. That is the failure of Crony Capitalism – the type of capitalism that has been around since at least the 1970s, accompanied as it is by the failure to adknowledge that we live in a society, not an economy and by the turning of the screws to the point where society has been in the service of the economy. Worse still, it has taken us to a place here in Australia at least, where public money has been both redistributed to corporate policical donors and used for pork-barrelling in order to maintain the power and position needed to continue the pillaging.
I would take the call one step further: we need to adopt Modern Monetary Theory and a Job Guarantee just as badly as we need anti-corruption bodies and a complete overhaul of taxation. Below is the link to one of many stories pulished in this year of Covid on the subject.
The crisis brought on by COVID-19 has prompted many economists and policymakers to rethink their stance on universal basic income