The trillions of dollars printed by the Federal Reserve in the past two years beg to differ.
Honestly, if the country is going into deficit, you might as well give it directly to people instead of injecting it via financial institutes.
Society in general may greatly benefit from having people not HAVING to work.
What if we printed the same amount and gave it directly to people? the $6T/year could yield ~$40K to each of the ~150M working-age Americans.
The biggest impact is to give employees more power in the negotiation with employers: currently, employees are far more pressed to find work than the employer needs to fill in a position (if the employee fails to pay rent, they are evicted; if an employer fails to meet a deadline, nothing happens immediately), and have the inherent disadvantage of having orders of magnitude more employees than employers.
UBI will help the public by reducing the pressure on employees to find job, thus improving the negotiation power and conditions for all other employees. Even the slight help during COVID created the best conditions for working people in decades. Seems to be worth the inflation IMO.
those trillions were swapped, not given, to the financial institutes, in return for the bonds and treasuries they held.
It isn't the same sort of printing that you hear about in Zimbabwe or Venezuela.
If the gov't really printed trillions and gave them to people like you described, you'd get major inflation. Oh wait, that's already happening...and it's only a couple thousand for some people, and it's not printed, it's borrowed. Imagine the effects, if it was truly printed like you described!
The inflation we’re experiencing now wants to have a word with you.
Some things will become expensive. Some might be balanced. Construction cost will increase, but land value may decrease (since there is no necessity to crowd in job hubs).
Taxis and Uber will probably increase as people are not forced to work at all costs, but people might find this trade-off favorable: unemployment is far more painful than having to take the bus.
And everyone could still work to afford expensive things, if they chose so. They will also have much better working conditions, since they will have much more negotiation power.