“How many cars will your robots buy?” The apocryphal question asked by Reuther to Ford regarding the automation advances at the assembly line.
Free market capitalism, the economIc system used throughout the world in various forms, is dependent upon the relationship between sellers and buyers. Payrolls generate the money to buy the goods and services offered on the free market. Take away the payrolls and we take away the market.
The $600 add on to the already meager unemployment insurance available in the states kept the economy from a free fall during lockdowns. A critical assist in a low wage economy like ours.
When jobs are plentiful, we didn’t worry about unemployment that much. But that’s not the case now, or even for the foreseeable future.
Are we headed towards a universal basic income? Will the taxes to pay for that be a part of the cost of doing business? And if so, should we structure our nation to pitch other reasons for investing here. Safety, stability, lack of corruption, Rule of Law, clean environment, education, healthcare, etc., are all selling points other than tax rates.