A million for every American

Although it has been tried here and there, a guaranteed annual wage didn’t become a thing until it was raised by 2020 Democratic Presidential candidate Andrew Wang, who called it a universal basic wage. The guy who liked math proposed giving every American adult $1,000 a month, free and clear.

Yang called it a Freedom Dividend, but he was not the first person to roll a free-for-all out of the garage. As far back as 1967, Dr. Martin Luther King suggested direct government payments as the fastest way to eliminate poverty.

Yang’s proposed idea seemed crazy to some, but not as “crazy” as the federal government actually paying $931 billion to people who lost their income due to COVID. It was the largest giveaway in history, it fueled inflation, it reportedly created a “nonwork” culture, but probably saved millions of people from contemplating either suicide or armed robbery. It was “go big” or “go home.”

I am about to go even bigger. Buckle your seat belts. 

The way things work for most Americans, wealth is accumulated over a lifetime of work and investment. The Baby Boomers came along at the right time, when the economy was exploding, and have harvested more wealth than they know what to do with, other than leave it to their ungrateful children.  And this is after Mom and Dad have bought the McMansion, a couple of SUVs and visited Europe eight times.

Bottom line: Average Americans have a lot of money at the end of life, when they don’t need it.

Here’s my idea: Give every adult American $1 million after they complete two years of community service. That could be the military, AmeriCorps, the Peace Corp, teaching in Appalachia, running midnight basketball in the ghetto inner city, or any program on an approved list. If you don’t want to contribute sweat equity, you don’t get $1 million. Simple and fair.

For everyone else — every person a millionaire! No more playing the Power Ball. And think of how crime, often associated with poverty, would decline.

They get the money when they need it for starting a business, buying a home, or paying for college, or a trade school or investment. (If a program I previously proposed were adopted, college would be free.)

We intuitively know that it takes money to make money. So the Bykofsky Plan provides the seed money. It’s easier to become a multimillionaire if you start out as a millionaire. That’s what Donald J. Trump did. Our problem is getting the first million.

The Bykofsky Plan gives you that leg up.

People will have higher incomes and the free $1 million may be recouped over time through income taxes.

Oh — remember what I said about ungrateful heirs?

Fuhgettaboutit.

The Bykofsky Plan has a 100% inheritance tax.

You can leave nothing to your heirs because they are instant millionaires. They don’t need your money because they have ours and they don’t have to wait for you to croak to get their hands on it. The money you leave behind goes to financing the next wave of young millionaires. 

With no reason to hoard, Americans might spend more in their declining years. Since consumers power our economy, that is all to the good.

Surely some parents, pre-death, will transfer wealth to their children, but that, too, will drive the economy.

There will be less impetus for Americans to save, and more to spend, again goosing the economy. 

The entire country benefits when the young strike it rich.

Yes, you may nominate me for a MacArthur Genius Grant.