A universal basic income is the idea of a universal and fixed monthly paycheck that will be given to all American (or any nation’s citizens) in order to cover their basic needs, and possibly replace welfare all-together.
The current welfare system in the United States is really expensive and complicated, often not even covering people who really need it. A universal basic income would allow all people to survive and contribute in society, change to a job that fits them best, solve poverty and grow the economy by $2.5 trillion, according to a report by dailykos.com:
“The new study based its forecasts on three basic income scenarios. According to the first of these, if adults are given $1,000 every month, the U.S. economy could grow by 12.56 percent after an eight-year implementation. With current GDP pegged at $19.8 trillion by the Congressional Budget Office, this translates to a total growth of $2.48 trillion.”
“As a new report from a consultancy has found, automation will replace up to 80 of today’s jobs by 2030, up to 800 million global workers will lose their jobs by that time and be replaced.”, this report mentions.
More benefits that a universal basic income will provide are reduction of crime, murder, suicides and work-related stress.
There were also other notable effects, like a 42 percent drop in crime, huge reductions in child malnutrition and school dropout rates, and a 301 percent increase in self-employment.”, a huffingtonpost report mentions.
“The research “indicates that UBI may have a revolutionary effect on stress among those in and out of work, raising health and, potentially, productivity in the process.”, a report by Vetze mentions.