Basic Income Will Kill The Economy

Irony isn’t often as emphatic as this.

I’m sitting in the lobby of my favorite hotel in Bucharest, Romania, waiting on my girlfriend, and I’m scanning the news of the day on my phone. I come across an article, penned by an economist from the supposedly nonpartisan (but funded by labor) Economic Policy Institute that claims higher wages are the solution to America’s expanding reliance on payday lending.

A few minutes later, I come across a second article titled: “This robot-powered restaurant could put fast-food workers out of a job.”

The two theses are mutually exclusive. They cannot coexist. Only one will win … and, I can promise, it’s not the position held by the economist. I can also promise that you and I will ultimately feel the repercussions in our paychecks and in our wallets…

The winner is, of course, the robot-powered restaurant. It’s tied to a company I mentioned in passing in the May issue of Total Wealth Insider — a company known as Momentum Machines.

Momentum is quasi-famous (though largely unknown still) for having invented a machine that can cook — apparently perfectly — 400 made-to-order burgers per hour … all without human hands, except maybe to fill the hoppers of meat, veggies and buns from which the burger machines draw ingredients. Of course, given the profound leaps in robotic technology and machine learning, those hopper-filling humans will fall away as hopper-filling robots arrive.

Momentum, an exceedingly reclusive company that declined my request for a meeting when I was in San Francisco earlier this year, has filed a permit to build a restaurant — a largely robot-powered burger joint — in San Fran’s SoMa neighborhood.

Thus, we come to the irony of those two articles I read.

Basic Income: Dead on Arrival

In a world where machines can make perfect burgers, there’s no need for burger flippers earning $15 per hour.

1 2 3 4
View single page >> |

As a lifelong world traveler, Jeff Opdyke has been investing directly in the international markets since 1995, making him one of the true pioneers of foreign trading. ...

more
How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.