1. It is immoral since it is funded by plundering personal property by force and constitutes theft.
2. It is inflationary as it doesn’t increase the goods and services in an economy it just devalues those goods and services to the extent that additional currency is generated out of thin air. If the government gave everyone a check for 1 million dollars a year, it wouldn’t make everyone rich it would just mean that a loaf of bread would cost $500 (or whatever). “Giving people free money” isn’t the answer.
3. It is predicated on the alleged dangers of automation when automation is it’s own benefit in driving down prices and naturally producing more disposable income as opposed to artificial measures like UBI.
4. Even if the money does incent some people to work more by giving them financial latitude to pursue education and gain new skills, it will also incent many to be lazy and simply work less.
5. It disincentivizes people to leave the unproductive, obsolete sectors of the economy and makes them more comfortable where they are currently at.
6. For those who are in poverty because they are unwilling to work, it only rewards those types of behaviors making dependency on others worse and influencing others to copy that behavior. “If a man will not work he will not eat”.
7. UBI is partially predicated on the fear of robots killing jobs. A world economic forum study shows that although robotics will likely displace 75 million jobs globally over the next several years they will create 133 million jobs, a net positive. The fear of robots killing jobs is similar to the fears of the discredited luddites who went around destroying textile machinery.
8. Another argument for UBI is that it will help solve the problem of people not saving enough for emergencies. According to an article by Fee: “the US savings rate is already very low, and there is little reason to think that additional income would be used for such purposes rather than simply boosting consumption. Furthermore, the problem of Americans generally being unable to weather financial shocks is likely more related to higher costs of living. When thinking about the rising cost of living, it is important to know which products and services have become most expensive over the last 20 years and which have become more affordable, as economist Mark Perry shows in his “graph of the century.”
9. UBI proponents claim it “works” when tried, it doesn’t. From Fee: ” several UBI experiments have been tried, and most trials have been canceled for a variety of reasons. The countries that have tried and failed are heterogeneous and even include countries that have less inequality and even more economic mobility than the United States, such as Finland and Canada. Finland discontinued its program mainly because giving money to jobless people without any requirements wasn’t very popular. Even though there was some experimentation with requirements, the program was discontinued altogether. The Canadian experiment in Ontario, which also had some conditionality (which made it not fully universal), was discontinued due to the high price tag. A couple of years ago, Switzerland, one of the wealthiest countries in the world, struck down a proposal to implement a UBI experiment, with 77 percent of citizens voting against it.
10. It’s a Pandora’s box. Every new government program starts off with certain claimed aims and gets warped into something different. Social security is now a bankrupt ponzi scheme created when the age expectancy was 64. Government handouts to “all public schools” become predicated upon agreeing to certain regulations. Does anyone think the same couldn’t happen with UBI?
There is no free lunch.