Although it falls well short of the libertarian ideal, would a basic-income guarantee far better than our current social welfare systemand cost much less? Replacing the existing array of subsidies, transfers, in-kind payments, and set-asides with a government-guaranteed basic income implemented through a negative income tax would save tax dollars, put more money in people's hands, and increase the recipients' liberty and autonomy.
Michael C. Munger is Senior Fellow and former co-editor of The Independent Review at the Independent Institute, and Professor of Political Science, Economics and Public Policy and Director of the Philosophy, Politics, and Economics Program at Duke University.
EconomyEntitlements and WelfareFederal Budget PolicyFederal Tax PolicyGovernment and PoliticsPublic ChoiceSocial SecurityTaxesTaxes and Budget
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