Matt Bruenig: Universal 1% Income
on Wednesday, January 11, 2017Matt Bruenig Money Quote saying Universal Basic Income (UBI) for the wealthy already exists, called Capital income as equity income and rents. Matt Bruenig said:
“1 in 10 dollars of income produced in this country is paid out to the richest 1% without them having to work for it” — Matt Bruenig
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In this quote, Matt Bruenig is pointing out that a significant share of national income in the United States is received by the wealthiest 1% of the population without them having to be employed or directly work for those earnings.
Specifically, he notes that 1 in every 10 dollars of total income generated is paid to the richest 1% through means other than wages or salaries, such as capital gains, dividends, interest, rents, and other investment returns.
The quote suggests Bruenig views this as problematic, implying such a large portion of economic output going to the top earners without labor on their part disproportionately benefits a small minority.
Overall, Bruenig appears to be critiquing the concentration of national wealth among a small sliver of people through passive income from asset ownership.