Ah, so it's a line of credit rather than a loan or a gift, somewhat like a universal basic income.

It's certainly an interesting solution. Are there books out there that propose this reform? Does it go by a technical name?

I wasn't aware, though, that you could create a system of abundance by fiat. Yes, there might be abundant future labour of billions of people, which might be worth a line of credit for everyone. But there are supposed to be consequences to producing money out of thin air, such as inflation or moral hazard. Of course, moral hazard for the wealthy is ignored when the government bails them out.

Critics of socialism or communism would say that those systems exacerbate the problem. You say that squanderers would get paid again, which might be taken to reward bad behaviour.

But when you talk about this reform's ethical imperative, I'd want to put it in existential terms. It's a question of getting on the same page as a species, seeing the big picture and adopting a heroic perspective on what we should be doing. Plutocracies are rationalized by social Darwinian myths perpetrated by neoliberal economists and even by right-wing religions like Evangelical Christianity. I think one thing standing in the way of the reform you propose is the need for more widespread philosophical enlightenment.