OPINION:
Universal Basic Income: A Realistic Solution
OPINION:
Universal Basic Income: A Realistic Solution
By Ross Turner
Not a New Idea
During times of turbulence and upheaval, ideas that were once thought fantastical suddenly seem quite rational. Such is the case of Universal Basic Income (UBI). UBI is also known as a “basic income guarantee.” The concept first appeared in the book ‘Utopia” by Thomas More published in 1516. The idea has been revived more than once over the centuries. In the early 1920’s British philosopher, essayist and social critic, Bertrand Russell wrote of the advantages of such a system. But it has only been in the last fifty years with the advent of technology, the internet, robotics, and Artificial Intelligence that there been a true necessity and demand for it.
UBI May Be an Idea Who’s Time Has Come
The idea, at its core, is to give every citizen a regular, untaxed sum of money regardless of employment status or income. The thought is that this will raise the poorest recipients out of poverty and help the overall economy by boosting consumers’ purchasing power and economic mobility. Many people, however, have a negative visceral reaction to “handing out” free money, worrying that people will stop working, or worrying about how to pay for such a program in the first place. First, let’s look at why something like Universal Basic Income will be needed in the very-near future.
