Okay, so this is how I see it.
The population of the US over age 18, approximately 252,063,800
The population of the US under age 18 approximately 73,655,378
Social security budget for 2018: $992,500,000,000.00
Medicare Budget for 2018: $588,400,000,000.00
Medicaid Budget for 2018: $551,700,000,000.00
Other Welfare for 2018: $358,900,000,000.00
Total of these benefits: $2,491,500,000,000.00
So let's say because of GBI you can now live on $25,000.00 a year. plus $500.00 for each child (That is what I pay in child support).
So total cost for GBI for adults and children added together would be $6,336,827,689,000.00
Universal Health Care would have to factor into that. Estimates range from 1.3 Trillion to 2.8 Trillion and higher. So I took the average of 1.3 Trillion (Bernie Sanders' plan estimate) and the higher 2.8 Trillion number that his opponents say is more likely. It comes out to: $2,050,000,000,000.00 just over 2 Trillion dollars.
So Adding all this up it comes to:
$6,336,827,689,000.00 Total Money for GBI
$2,050,000,000,000.00 Universal Health Care system
$-992,500,000,000.00 Social Security can be subtracted because everyone would get GBI
$-588,400,000,000.00 Medicaid and Medicare can be subtracted because everyone gets Universal Healthcare
$-551,700,000,000.00 Medicaid and Medicare can be subtracted because everyone gets Universal Healthcare
$-358,900,000,000.00 Other welfare can be eliminated because again everyone gets the GBI
Which leaves a total cost of $5,895,327,689,000.00
Not mentioning any other expenses the Federal government has Military, personnel, etc. which would be:
Source: Source: https://www.usgovernmentspending.com/us_welfare_spending_40.html
Total US Budget would be: $7,527,327,689,000.00
Federal revenue for Tax Year 2017 was $3.32 trillion, the savings would have to be astronomical for this to work.
Gross Domestic Product for the US in 2017 was $19,485,400,000,000
Assuming it doesn't plummet the tax rate would have to be at 39% or higher to cover the cost. So if the coming job apocalypse happens due to automation, maybe we need to do this, until we have proof I really don't want to throw a wrench into the engine that has moved more people out poverty than any other single thing ever in the history of the world. There are three basic rules in the USA for staying out of poverty that is proven to be true for all people, and races:
- Graduating from high school.
- Waiting to get married until after 21 and do not have children till after being married.
- Having a full-time job.
Doing those three things your chances of falling into poverty is just 2% and you have a 74% chance of being middle class. (Source:http://www.jacksonville.com/opinion/editorials/2012-01-27/story/three-rules-staying-out-poverty) So personal decisions are the biggest factor where you will end up. So if #3 does become a problem we can address and we might very well need to in the future.
However, I also want to point out unless you will be willing to manage people's GBI for them there will be people that won't spend their GBI Money wisely and will still be dirt poor. What do we do then, because the other social welfare programs are now gone. Do we just let them starve to death?