Universal Basic Income; Socialist Pipedream or the Answer to Automation?
If executed perfectly Universal Basic Income has the potential to thread the needle between embracing free trade and automation while preventing inequality from getting out of control.
What is Universal Basic Income?
Universal Basic Income (UBI) is a social policy in which all citizens of a country or community receive a fixed amount of money each month. UBI payments are funded by taxpayer dollars and provided unconditionally and in addition to any income, a person receives from work or investments.
This varies greatly from many social security nets around the world that are typically means-tested. They require your income to fall below a certain threshold to receive payments.
Unemployment benefits stand in stark contrast to UBI. With Unemployment benefits, you only receive payment if you lose your job (under certain conditions). With UBI you receive a fixed monthly payment whether you have lost your job or not.
The idea is to raise the “floor” on the quality of every citizen in a country or community.
