The 21st century, in which we live, is changing rapidly. A considerable part of this is the phenomenon that machines are replacing manpower. In August 2018, the unemployment rate stood at 10 percent, making many feel uneasy. In response, the basic income system has become a hot topic again. The basic income system is a system that pays the minimum cost of living to all members of society without any condition. This system is basically designed to eliminate poverty and improve unemployment. However, this system has been debated for a long time in many countries. In fact, there have been cases where people voted in Brazil, Switzerland, Nigeria and more to introduce the system. Can the basic income system really reassure people? The basic income system should never be implemented for many reasons.
First, the basic income system will make people lazy. If living expenses are paid to the entire nation every month, there will certainly be people who won't try to work. For now in this society, labor is essential to living. However, such a system can make whether to have jobs or not into one of the choices people can make. So far, Korea has been able to show faster growth than other countries thanks to the enormous labor and dedication of people. People worked harder because they were living in a poor country, so that they could not live without working. As a result, Korea is as it is now. However, the growth of Korea will slow down if there are only a few working people.
Second, the burden of individual taxes people have to bear will increase. If a certain amount of money is given to the whole population, where does all the money come from? Of course, the source will be the taxpayers’ money. This system will naturally lead to higher taxes, which could also lead to the reduction of people working harder. As soon as there are those who lose money and those who benefit, there will be a serious confrontation between them.
Third, the increase in total demand will cause inflation. Usually, the greatest contribution to rising prices is the rise in wages. If the basic income system is implemented, the amount of money circulating between people will certainly increase, so we can easily predict inflation. However, from the standpoint of a trading nation, inflation is expected to cause great harm to Korea. If prices rise, the value of the nation’s currency will naturally fall, and it will lead to tangible damage to currency and commodities trade.
In paying people the same amount of money on a basic basis, the basic income system seems to be no different from communism, which has already proved to have failed. Also, while trying to guarantee a stable life for the people, instead confrontation and injustice can be created among them. The basic income system is a system that should never be implemented because it will delay the development of our country.
