3 Reasons to Consider a Universal Basic Income in the 21st Century
Remember the activities and hobbies you loved growing up? A universal income could open new doors and bring back those old choices. Knowing the roof over your head and food on the table were taken care of each month would enable many creative entrepreneurs to safely explore new business options. People will have more choice to decide how they want to pursue work because a business failure won’t mean financial ruin.
Diminish bureaucratic waste
Government benefits are a complicated set of systems spanning federal and state lines. The introduction of a universal income would severely reduce the overspend of bureaucratic funds on programs that may not be effective. Also, a universal income would evenly distribute equal amounts to everyone, thereby eliminating benefit fraud and the costly enforcement that goes along with it.
Reduces inequality and extreme poverty
Technology and productive capacities have surged forward, transforming the world of work along the way. Basic income is an opportunity to redistribute wealth in a civil and egalitarian fashion, providing some measure to diminish the quickly widening wealth gap. By acting as a safety net, extreme poverty could be eliminated with a universal income by restoring human dignity to homeless people begging for change on the street in order to survive. Acting as a safety net, the homeless would have the opportunity to lift themselves from poverty and find meaningful work.
Increase in personal freedom
Many Americans are tethered to a low paying job for survival reasons. In many cases, one job isn’t enough money to cover basic living expenses. The implementation of a basic income would allow low wage earners the freedom to decide what work they pursued or to open the door for more education and training. Personal autonomy and the opportunity to find meaningful work would increase significantly with a universal income. Overall productivity and efficiency increase as new businesses are created.