Austan Goolsbee on universal basic income
From Was Austan Goolsbee’s First Visit to the Oval Office Almost His Last?| People I (Mostly) Admire | 61 · · Freakonomics Radio Network
“I haven't been that big of a fan of universal basic income Ubi is a policy designed for a world where everyone has lost their job and the robots have replaced us all so in a world where no one has a job and four people own all the robots and make all the money of the world you know what the policy has to be we have to raise taxes on those four people and use the money to keep everyone else alive but that's not the world we're in the unemployed rates 4.2 percent the job market is extremely tight.”
On , Austan Goolsbee, President at Federal Reserve Bank of Chicago, spoke about universal basic income during Was Austan Goolsbee’s First Visit to the Oval Office Almost His Last?| People I (Mostly) Admire | 61 on Freakonomics Radio Network.
About Austan Goolsbee
Austan Goolsbee, president of the Federal Reserve Bank of Chicago, has expressed growing concern about inflation, stating that the U.S. has been above the Fed’s 2% target for five years and that progress has stalled and is now deteriorating. He noted that inflation is rising in categories beyond tariffs and oil, such as services, and said he is less optimistic about disinflation progress. Goolsbee dissented against a rate cut at the Fed’s last meeting of the previous year, saying it felt too early to cut rates without assurance that inflation is returning to target. He described the job market as stable but not good, with hiring, layoff, and vacancy rates holding steady. On artificial intelligence, Goolsbee said it will be “massively transformational” and happen fast, but he does not expect rapid job losses, citing industries where AI’s current error rate is unacceptable. He warned that if AI-driven productivity gains are hyped before they materialize, the economy could overheat in the short run. Goolsbee also said he is interested in seeing what incoming Fed Chair Kevin Warsh proposes on monetary policy and the balance sheet, and he noted that the Fed’s ample-reserves regime corresponds with a larger balance sheet than in the past.