= 27d567bc2d48d9f40e9ccc20ea370b15)
TheAncientGeek comments on Open Thread June 6 - June 12, 2016 - Less Wrong Discussion
You are viewing a comment permalink. View the original post to see all comments and the full post content.
= 783df68a0f980790206b9ea87794c5b6)
Loading…= b715d02e85f7b3b4ae65ca3d3e450868)
Subscribe to RSS Feed
Powered by Reddit
= f037147d6e6c911a85753b9abdedda8d)
You are viewing a comment permalink. View the original post to see all comments and the full post content.
Comments (126)
It's actually not that bad.
People on welfare can already borrow money on credit cards and so on. If they get into default the only legally enforceable repayment arrangements are ones where they are not forced below subsistence levels. Yes, lenders can end up getting pennies a week. Yes, it is basically their fault,
You can get the situation where someone borrows against their livelihood in some kind of libertopia where the lenders right to their money overrides the borrowers right to eat.
Also, if someone is using GBI to start a business, borrowing to buy equipment is pretty reasonable,
And what happens if the business fails?
Your picture of people on welfare seems a bit rosy. You think everyone has credit cards?
Correct. However that generally involves declaring personal bankruptcy, at which point you're locked out of all credit (including credit cards) for a few years.
It is, of course, possible to make GBI, to use a legal term, "non-garnishable" meaning it cannot be collected to satisfy a judgement against a person. But that would make it impossible to use it as collateral for a loan to buy equipment, for example. The child support payments also could become an issue.
Does it? I didn't say it was a good thing.
I don't need the premise that everyone has credit cards to support the conclusion that some people on welfare do. I hear news stories about it.
But you could set a non-garnishable component that is less than the whole GBI. I am still not seeing a novel problem.
I'm not saying there is a novel problem. I'm saying there are old problems that GBI does not magically solve, mostly revolving around the very old observation that a fool and his money are soon parted.
Did anyone say it solved those problems?
Penicillin doesn't cure the common cold either.