This story in Business Insider says we can eliminate poverty. The only thing standing in our way, they say, is a dysfunctional political system.
The solution to this big problem is complex: send checks to everyone.
Okay, that’s it.
If the poverty rate is determined to be at $12,000, then everyone over 21 would get a check for $1,000 each month that year. You’d get it whether you were working or not.
To pay for it, they suggest we can cut all the unnecessary state and federal benefit programs that would no longer be needed if people had enough to get by, and try a few others things.
An alternative idea is for the Fed could print money and give it out like they did with big banks. Ben Bernake famously called it a "helicopter drop" of money. “What could boost demand more simply and easily than giving people money?” asks Duncan Black. Indeed.
Shall we eliminate poverty and give everyone free money?