Utopianism

A Good Objective from TikTok

There was an interesting video on TikTok that presented some utopian objectives based on moving the needle more toward socialism from where we are. As an economist, I am in support of moving that direction from here (2022), but I also want to avoid overcompensating (without objecting to appropriate compensating). Let's take a look at the key features presented.

• 3x real estate tax for unoccupied property
• rent capped at 75% of estimated monthly payment if property were sold
• credit scores last 2 years
• UBI at median rent + food + utilities + medical
• minimum wage for 100 hours work in a month is equal to ubi
• all income that exceeds 50x lowest salary in a given corporation is taxed at 99%
• medicare available for all
• medicare is accepted by all health providers

credit scores last 2 years

• Interest rates for good risks would rise.
• Interest rates for bad risks would rise less, or fall.
• Overall interest rates would rise.
• Speculative economic activity would have a higher default rate.
• Speculative economic activity would fall.