I think we have different understandings of what Varoufakis is proposing.

My understanding is that he wants to make all of us partial owners of all publicly traded corporations and part of their revenues would go to all of us. Not profits; not book value of all stock (I think it’s called “market capitalization” in Wall Street-speak); but a share of their revenues. So for example, Apple made $78.4 billion in revenue in the first three months of 2017. So a UBI would be partially financed by that revenue stream. I have no idea what percentage he is thinking about, but to me it sounds financially feasible. Instead of the notion of redistribution of wealth through taxation, this would be predistribution — before the 1% get a dime from these streams, we all get a slice.

And there are other financing mechanisms that could be incorporated in a UBI program. For example, (Republican-dominated) Alaska gives every citizen roughly $1,000 per year because the state government makes money off of oil reserves. Obviously a person cannot possibly live on $1,000 per year, but I’m sure that extra $1,000 helps a lot of people pay one month’s worth of bills and such.

I may post another excerpt from Varoufakis on this topic since what he’s written here is giving rise to some confusion. Thanks for commenting. :)

Written by

Groupthink is a contradiction in terms.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store