Elon put this post out today.
"Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI.
AI/robotics will produce goods & services far in excess of the increase in the money supply, so there will not be inflation."
I sincerely don't understand the argument.
I'm operating on the basis that Elon is smarter than me and has more business experience, so there must be something I am missing.
If everyone has "high" income, how do the cost of goods and services not skyrocket to match what everyone knows is now the availability of cash?
Some will argue that "AI" will reduce the cost of production.
Ok.
But not the market for sale.
And certainly not for the cost of things of limited / finite availability.
Great. Everyone is a millionnaire.
And now computers cost $20,000 and an avocado costs $50.
Everyone knows everyone is good for the dough.
What am I missing?