Additional Details.

Some are asking, "What benefits would I get from such a system?" Here is a list of current issues and how they can be solved using my system.

Social Security

As has been indicated, with the infinite money supply, a money retirement pay will be administered which is greater than an average wage, currently around $40,000. This does not come from taxes but the infinite money supply. As has been pointed out, due to abundant resources at a fixed price, inflation is not a concern.

Health and Medical Insurance

With hospital and R/D cost low, again due to the fact companies no longer pay Direct/Indirect labor costs, all cost across the board are low, allowing medical and hospital care to be affordable by all.

Outsourcing and United States Manufacturing

With companies not having to pay D/I labor costs and material costs are fixed, there is no foreseeable benefit to outsource. Additionally, with private sectors taking over what were traditional government functions, along with the addition of new industries now possible, I see U.S. manufacturing potentially exploding. (See Unemployment)

Unemployment

I see two reasonable possibilities. With companies no longer paying D/I labor cost this allows them to hire beyond the marginal revenue product. Even more so, 24-hr manufacturing companies may have 6hr shifts keeping more people employed. The 6hr shift may be more attractive to laborers due to additional off-time and the fact the population receives a living wage to supplement their income.

The other possibility is the living wage will be a disincentive for people to work. In this case, we may have more unemployment then today. However, due to the living, this would not be a burden upon taxpayers. Moreover, the people that work are those who want to work and thus I suspect would be more productive anyway.

Major Cost Benefits to Business

With no social security and minimal, if any, medical insurance costs, companies would be released from this cost burden. No longer do they pay ½ SS tax and much of the insurances. Nor would they have to pay into any retirement benefit plan. By allowing these costs to be incurred by the system itself, burden is relieved. I believe this to be a benefit to all. Moreover, a business can take advantage of the living wage concept by forgoing sick time or vacation pay, adding yet another production cost savings. 

Taxation

With Social Security, Medicare/Welfare, and interest taxes equaling around $13,000/year/taxpayer. This cost burden is instantly removed lowering the tax burden for all.

Very Large Projects
- A National Magnetic Bullet train system criss-crossing the U.S. in both directions.
- Large ship designs for human space exploration.
- 10-12 lane highways
- Nationwide solar or wind grid system backing up existing power.

Such project cost are currently beyond comprehension, but with this system not only are these feasible, but because of their high ethical value, highly paid.

Global issues such as Forced Prostitution

I believe my system helps solve this problem by solving to issues:

1) People in poor villages can now earn money by performing localized jobs; clean-up, education, construction, farming, or other areas of need within their local community. In all countries the many more options are available for earning money, or as I said, even a living wage would help eliminate this ugly industry.

2) Ditto goes to those that do the forcing. With more options available, and in many case more lucrative, those people will find more production use for their energies.

World-wide starvation

With 1 billion people starving at this moment and abundant food available I have a hard time holding my tough the human race allowing for such atrocities. With that said this economic system inherently solves this problem by 1) giving incentives for companies to deliver food/water and resources to these desperately poor and 2) allows the poor to begin growing more independent with an economic structure which gives them incentives to build communities.

Child Labor

With the living wage for parents, it is no longer necessary to force children to work or even procreate for the sole purpose of putting children to work. This allows the freedom of choice for people to become what they want to become.

Pursuing Life's Dreams
Sometimes, probably more time then not, a young person's dream of being an artist or athlete are pushed by the wayside (or stuffed) for a more "practical" but unfulfilling career. With supplemental income, one may progress with their dream without harsh economic harm. Imagine a world where this is the case. I ask the question, would our people be happier or worse-off with less burden to live their life-long dreams?

A Short Story

There was a young boy whose father was suspected to have been killed in war leaving his mother alone to care for him. She had no money and little means to survive. Eventually, she remarried. However the step-father was abusive. The child, after years of enduring this pain, was given permission to live with his uncle in the city. The child was 10.

His uncle earned a nice living for himself and taught the young fellow his trade. The young fellow grew to be an expert in his new trade and eventually secured a high governmental position.

By the way the trade the child learned was thievery and his name was Saddam Hussein.

With a system as this, the mother would not have to remarry, at least for the lack of money. It's possible by implementing such a system we can stop future atrocities. If we can stop economic inequality from causing issues which clearly cause worldwide problems, wouldn't it be logical to pursue? I challenge anyone to come up with a better idea. This is mine.