What Is Universal Basic Income? Universal Basic Income(UBI)

What Is Universal Basic Income? Universal Basic Income(UBI)


Although debate continues over the scope of UBI, its general definition is that the state gives a certain amount of money to everyone, regardless of what their income is. At first, it sounds like a dream that can't be realized, but according to research, it's not impossible to implement. So why do entrepreneurs support UBI? Can UBI be a solution to the unemployment problem that artificial intelligence will lead to in the future?

If inequality continues to rise as it is now, hate crimes may reach a level that cannot be prevented. Economic sustainability is also unlikely in a world where people are not safe.

‘There's no need to threaten people with homelessness and poverty to go to work. UBI is a capitalism where income doesn't start from scratch.'- Widerquist, associate professor at Georgetown University and advocate for universal basic income.

Entrepreneurship Will Increase

There is a more specific reason why Silicon Valley supports UBI. They think that in basic income health, people can afford to take risks and their entrepreneurship will increase. Names backing UBI from Silicon Valley include Elon Musk, Mark Zuckerberg, Facebook Chief Executive Chris Hughes and Virgin Group Chief Executive Richard Branson.

Among the countries where testing programs are conducted, Finland and Canada stand out.

There have been many objections about UBI, but the defense claims that its research shows the opposite. There are those who say people will be encouraged to be lazy, but this system was tested in Canada in the 1970s. People who stopped working after Basic Income Preferred this to caring for children. When there was no unemployment and no fear of passing, people were driven to make their dreams come true. Some went back to college or started looking for a job that would satisfy themselves instead of getting the first job they were in.

10 years ago, 12% of Americans supported UBI, while that figure reached 48%.

Because work will still give people social status and understanding, it will not leave your job very easily, because it allows you to be part of society. If all social benefits are cut and all are given to the state for universal basic income, will this pave the way for authoritarianism? While basic income is insufficient for rents in the metropolitan area, having better standards in small places can increase immigration, and this can further open the gap between the rich and poor.

The Situation Is Different For Each Country

The applicability of the system varies from country to country. Cultural values are influenced by issues such as the state's aid programs for the poor now. It also matters how much taxes the state receives and where it invests with them.

How Will Be Financed?

The easiest way to achieve basic income is to cut social benefits completely and transfer the funding allocated to it to basic income. Another way is to tax the rich more.

Advocates say basic income is not as costly as thought. When this program is implemented, gross domestic product is expected to increase by 12%, because poor people are projected to spend more and demand in the market will increase.

The Decision Is Yours

We still don't know if universal basic income is a good idea or not. More research and application trials are needed. There are also many questions that need to be answered. What kind of basic income system do we want to build? How it comes do we make it? What are we willing to give up to reduce poverty and relieve stress?

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