Swiss vote 78% against a UBI

The Guardian reports:

Swiss voters have overwhelmingly rejected a proposal to give the entire population of the country enough money to live on, according to exit polls.

A projection provided to the public broadcaster RTS said 78% had voted against all Swiss citizens, along with foreigners who have been residents in Switzerlandfor at least five years, being given a universal basic income, or UBI.

Supporters said providing such an income would help fight poverty and inequality in a world where good jobs with steady salaries are becoming harder to find.

Critics have called the initiative “a Marxist dream”, warning of sky-high costs and people quitting their jobs in droves, to the detriment of the economy. “If you pay people to do nothing, they will do nothing,” said Charles Wyplosz, economics professor at the Geneva Graduate Institute.

It is a Marxist dream, and one NZ Labour is looking at. It would result in huge huge tax increases.

Good to see the Swiss so sensible.