Crony capitalism comes in many forms. Sometimes it’s big tax credits to massive companies, sometimes it’s government unions stealing dues from non-union members, sometimes it’s subsidies for “farmers” who live in the city. There are many kinds. The common element is that the everyday taxpayer is footing the bill in one way or another for a relatively narrow interest. Thus “universal basic income,” is a great example of crony capitalism.
A group agitates and partners with government. Then access is granted to the pockets of taxpayers. That Chicago is in near desperate financial straights seems not to matter here.
Embattled Chicago Mayor Rahm Emanuel is forming a task force that will analyze whether the city should establish a so-called “universal basic income” program, as they Mayor seeks to salvage his legacy – currently associated with Chicago’s horrendous murder rate and broken pension system…
…The task force set up by Emanuel will consist of a panel that will decide whether the welfare initiative could work, as the city wrestles with a $71 billion debt load, nearly $40 billion of which is pension debt.