I would love to see some real data where something like this has been implemented somewhere. Everybody thinks that people would just sit on their bum and do nothing, but there would be lots of people that would take the opportunity to better themselves.
I wouldn't work for someone else ever again, that's for sure.
I'd do my own thing, and if that doesn't make me any money, that would be ok.. because I would be doing what I want to do, and I would still have food on the table and a roof over my head.
I'm pretty sure that's not just me.