Spherical cow model assuming everyone is honest and had steady income before this. Everybody just issues bonds to get paid what they used to make, and the government buys and tosses them. The inflation socializes the cost evenly. Where does this breaks if honesty holds?
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Replying to @vgr
It breaks at minimum wage when inflation makes it unlivable. Inflation 'socializes the cost' only to a round cow approximation, in reality it really really doesn't.
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