At Harvard’s commencement last month, dropout Mark Zuckerbergtold eager graduates to create a new social contract for their generation: “We should have a society that measures progress not just by economic metrics like GDP, but by how many of us have a role we find meaningful.” He then said to applause: “We should explore ideas like universal basic income to give everyone a cushion to try new things.” Who wouldn’t like three grand a month?

Having the government provide citizens with a universal basic income is the most bankrupt...