Capitalism is the most successful economic model of history, however it has a problem, as wealth is always increase, survival isn’t guaranteed for most people. A universal basic income (UBI) would change that.
A UBI would reduce or even eliminate all poverty while it would still leave us all free to choose how we spend our money, and under which style of economy we live. Which also leaves market-driven supply vs demand curves and private capital intact.
The current welfare system complicated and expensive, instead, it can get replaced by a universal basic income for all citizens, eliminating the inefficient welfare system all together, providing people independence and true freedom.
The perfect balance
A Universal basic income could make Capitalism work even better, with a UBI added to the current economic model, wealth will still increase, long-term economic growth will continue as normal and there will be a minimum income so everyone can live above the poverty line, or at least not in extreme poverty.
With all available information on the universal basic income impact to the economy and society in general, we can say that it seems to be one of the best, if not the best solutions to the rising inequality and poverty, possibly once and for all.
We already saw many entrepreneurs like Elon Musk and Mark Zuckerberg embracing the idia of a universal basic income, but now politicians are starting to support it too. In face, Andrew Yang is running in 2020 for President as a democrat, his whole campaign is based on UBI, which according to his sayings ” it will be the first thing to do as President”.
“Yang, as an American entrepreneur and the Founder of Venture for America, is in a position to know well what the economy and people need, according to him, that’s a universal basic income”.