There is a better approach. The existing institutional structure can be used to eliminate unemployment and poverty in any nation. The same process could also be used to eliminate taxes and public debt.

The only thing that would change is how money (as currency) is supplied to the economy. It can be accomplished through the existing central bank (though to eliminate taxes/public debt the law would have to be changed to allow it to fund government directly).

One can think of it as a kind of permanent QE for (eligible) citizens. (As the economic equivalent of the right to vote, it would likewise be legitimately limited to citizens.) It would not be paid to all citizens, but any citizen could become eligible for it. Like a right, it would be available for an unlimited number of people at no cost.

To prevent inflation money would have to be returned to the central bank, but people and businesses would be able to retain plenty of money and no money would be collected from any person or business before it could be used for purchases or investment. So an individual could avoid having any money collected by making any (legal) purchases. Businesses could do the same, but the only place their money can go is into the account of another business.

I am the author of the proposal. If it matters, I do have an M.A. in economics. There is much more in “A Call for a (Further) Central Bank Revolution” by me here in Medium.