Solution to inequality: Give free money to or take money from every citizen?
I refer to the article “Problem: Income Inequality – Solution: Free Money” (Bloomberg Business Week, Jan 15).
It states that “In an audacious experiment, Finland is giving some residents a “basic income” of $16,000 for two years, no strings attached.”
Ironically, another country may have been experimenting with an unique economic and social development model, for the past 30 years or so.
One which takes money from practically every citizen – and arguably resulting in fantastic economic growth and fiscal sustainability which is admired and revered by many countries’ governments and people.
One which from a cashflow perspective – does not spend a single cent on pensions, healthcare or public housing, and less than half a per cent of GDP on social welfare.
Can you guess which country this is?
Leong Sze Hian