The prevailing economic policy philosophy of the past 20 years has been one which focuses nearly exclusively on supply-side stimulus and deregulation in order to manage the economy for maximal social benefit. Needless to say, such a philosophy is one-sided, and when faced with crises which arise from the demand-side of the economic equation, it finds itself helpless to successfully manage a transition through those crises. Much as we faced during the Great Depression, the problems we face today find themselves on the demand-side of the equation. After all, it is not as if we face a shortage of any good. Even energy, whose prices are rising, is not in such short supply that it is unavailable for some uses. Moreover, technologies and practices exist which can mitigate our energy demand, thereby alleviating somewhat any possible supply shortages.
Bear with me, as we try to fill out the demand-side of a more complete economic policy philosophy, find the economic justification for a Guaranteed Minimum Income, and finally raise and deal with some objections to such a program.