However, Silicon Valley entrepreneur Sam Altman argued that basic income could still support productivity despite those who don’t work, “Maybe 90 percent of people will go smoke pot and play video games. But if 10 percent of the people go create new products and services and new wealth, that’s still a huge net win.”
Sam Altman has become a cheerleader for UBI and refuses to admit there are any downsides to the idea.
If 90% of people go smoke pot and play video games, the remaining 10% that might create new wealth would be footing the entire tab. Can 10% of the population create enough new wealth to generate $3 trillion+ in taxes revenue to support a UBI?
Between them, Google, Alphabet, Apple and Microsoft generated $481 billion in total revenue for 2016. That’s revenue, not profits (we only tax profits!). So even if we taxed all 4 of them at 100% of their revenue, we still wouldn’t even be able to pay for 1/6th of the UBI common proposals from the taxes they generated.
Altman is simply delusional.