hierarchy of needs
Basic Income Guaranteed is particularly focused on those situations where a person is not in a position to have sufficient income to be able to participate as an equal within society through spending, purchasing, ensuring the basic needs required for a human to exist. There are conditions where a Basic Income Guaranteed is not required meaning that those that have = do not qualify for a Basic Income Guaranteed which is destined to ensure that there is enough income available to support those when in trouble, or when society is not yet able to produce sufficient jobs.
One of the foundations of capitalism is owning property, but also one of the foundations of capitalism is having a society that is able to consume because they have the means with which to do so, and this is why it is suggested that a balance must be struck.
The basic regulation would be that if you have more than one house you’re owning = you do not qualify for a Basic Income Guaranteed because you are able – due to your property value – to sustain yourself or at the very least, you’ll have to sell one of the properties and then if you do not have employment, you’ll be able to qualify for a Basic Income Guaranteed.
Another point is Investments. If you are able to sustain yourself through your investments – that means you have money somewhere in some form = you won’t need such investments any longer, because the Basic Income Guaranteed will also act as a pension. Eventually, a mechanism will have to be established to see at which level investment would be sufficient so that you are no longer dependent on the Basic Income Guaranteed and you are able to sustain yourself. Therefore savings or investments from the perspective of it creating sufficient wealth for you to sustain yourself will automatically place you in a position where you do not require a Basic Income Guaranteed, because you are able to financially sustain yourself.
Capital growth is thus one of the points that will be promoted within a Basic Income Guaranteed system because it will eventually create a situation where one will be able to be financially self-sustained, and the objective is to get each human to be financially self-sustained so that you are no longer dependent on your social systems – pension plans, insurance, loans, investments – as well as acquiring the skill to use capital in a way that you actually are able to sustain your existence. Then capitalism will become a functional system that benefits everyone with this necessary support when needed and a necessary responsibility when your Basic Income Guaranteed is no longer required. This also places one within the self-development mindset that capitalism represents where you specifically acquire skills to eventually free yourself from the needed support, because you have been able to create for yourself a self-support system. Within your hierarchy of needs this would mean that you have achieved a level of self-fulfillment, thus a higher level of living within responsibility.
The psychological benefit one can find within capitalism will be worthwhile as it is structured practically within this reality, you do not have the stress that comes if you get to fail in your endeavor and you have nowhere to go, because there will be support. And as we have noticed within capitalism, one tends to fail the first few times because you haven’t got the skills yet and the experience, although that should be developed also within the education system so that failure is limited to the minimum, because failure means resources get wasted and when resources get wasted: it becomes more difficult to have a sustainable balanced system.
Equal Life Foundation Research Team
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