You could still have a social safety net but there's nothing to be gained from not spending your whole paycheck. Thus everyone will live paycheck to paycheck.Nope. The total amount of wealth isn’t changing. A social safety net would still be possible. An eventual societal sea change could result in giving a fuck about the other guy.So retirement isn't possible?
Your system basically enforces living paycheck to paycheck. Maybe you do it that way but you shouldn't force everyone else to.
There are many other interesting side effects one can ponder from this BLATANTLY, OBVIOUSLY, IMPOSSIBLE FANTASY proposition.
And of course it's impossible--doesn't mean you can't examine the consequences.
Note what happened here: those of us on the economic right immediately saw what it would do to economic incentives. It would not do what it says on the label. Real world, you can't just change one thing and expect everything else to not react.