There are lots of reasons in my mind why UBI would be a bad idea. I know that some libertarians/classical liberals, such as the late Milton Friedman, favoured a form of it in the form of “negative income tax”, but largely because they wanted to sweep together existing welfare benefits into a single payment, and for that payment to be cut fairly low so as not to kill incentives. More recently, I have seen folk such as some (not all) “transhumanists” claim that in our marvellous tech future where there is no scarcity, we can have all these goodies for “free” (no more of that stuff about “there’s no such thing as a free lunch”), and that therefore UBI will be affordable and that it will be needed, as conventional “work” no longer exists. This sort of argument is bound to be made more and more because of how work practices have been hammered by the lockdowns, among other forces.
Apart from the implausibility of the idea that scarcity will be overcome – as seen by this critique of a Charles Stross book, another reason why I distrust UBI is that it is going to create a whole class of entitled brats if UBI were to not just replace existing welfare, but be added to them in significant ways. We have had a recent demonstration of what happens when lots of people are paid for doing nothing, with only a few diversions to amuse them, and the results aren’t pretty.
Do we want to scale that issue of people living in prolonged adolescence even more? The cultural/economic consequences of a world in which a handful of evil capitalists are paying all the taxes while the rest of the population loll around on UBI, updating blogs and being generally bored out of their minds is not one I look forward to. It could end up as Ray Bradbury-meets-George Orwell-meets Aldous Huxley. Here is a good case against UBI from David Henderson.
UBI is a terrible idea, at least in terms of somehow covering a vast chunk of the population and funded by a small group who, apparently, are happy to do so without conditions. If people think I misrepresent what UBI is, and can achieve, by all means come back to me in the comments. So far, all too often it appears to be sold as some sort of utopian replacement for work. I am not buying it.