\n2) It simplifies the welfare state, making it far more efficient (eliminating bureaucratic waste)
\n3) It’s a way of addressing the loss of jobs<\/a> to automation
\n4) It creates a safety net for people to take smart risks on themselves and their families, without the fear of complete failure<\/p>\n
So what exactly is a UBI? And is it a good idea? We decided to take a look in the following infographic:<\/p>\n
![\"\"](\"https:\/\/www.businesspundit.com\/wp-content\/uploads\/2020\/01\/ubi-basics.jpg\")
<\/p>\n
UBI is hardly a new idea. For example, from 1967 to 1974, families participating in the New Jersey Income Maintenance Experiment, were provided bi-weekly payments.(1) But what exactly is UBI? How does it work? And is it worth supporting?<\/p>\n
How It Works<\/strong><\/p>\n THERE ARE MANY VARIETIES OF UBI, BUT MOST ARE BASED ON DISPENSING MONEY, USUALLY FROM GOVERNMENT FUNDS, TO CITIZENS.<\/p>\n UNIVERSAL BASIC INCOME<\/strong> GUARANTEED MINIMUM INCOME<\/strong> NEGATIVE INCOME TAX<\/strong> MONTHLY TAX REBATE<\/strong> SOCIAL DIVIDEND<\/strong> UNIVERSAL BASIC SERVICES<\/strong> 1) Reduces poverty by providing everyone with a basic income<\/p>\n 2) Encourages people to invest in education and personal development<\/p>\n 3) Encourages people to start businesses or \ufb01nd the job they want instead of having to take the \ufb01rst offer available<\/p>\n 4) Supports victims of domestic violence who may otherwise be trapped due to their \ufb01nancial situation<\/p>\n 5) Encourages care work by allowing care-workers to support themselves while taking care of relatives full-time<\/p>\n 1) Reduces the motivation for people to work<\/p>\n 2) Costly to fund<\/p>\n 3) Maybe not aggressive enough: Preserves wealth inequality by giving all recipients the same bene\ufb01ts<\/p>\n 4) May be difficult to implement without disrupting society<\/p>\n 5) May cause massive inflation<\/p>\n Andrew Yang – $1000 per month UBI 40% of jobs will be eliminated by automation in the next 15 years<\/p>\n Retail sales and Transportation are Two of The Largest Occupational Groups in The US.<\/p>\n Sales jobs are being eliminated via self-checkout and automated kiosks.<\/p>\n Transportation jobs will be eliminated via self-driving vehicles.<\/p>\n WITH MILLIONS OF US WORKERS PREDICTED TO BE OUT OF JOBS WITHIN THE NEXT FEW YEARS, PROPONENTS OF UBI CLAIM IT MAY BE THE ONLY WAY TO PREVENT ECONOMIC COLLAPSE.<\/p>\n","protected":false},"excerpt":{"rendered":" Andrew Yang is the first Presidential candidate in history to seriously propose a Universal Basic Income (UBI) for all Americans. So what’s all the fuss about? Proponents argue primarily for four points: 1) It’s a way of leveling the playing field a little bit and dealing with the growing wealth disparity between the rich and […]<\/p>\n","protected":false},"author":67,"featured_media":70814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25,11344,1197],"tags":[],"class_list":{"0":"post-70331","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-automation","9":"category-economy"},"acf":[],"wps_subtitle":"The basics of UBI","_links":{"self":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/70331","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/comments?post=70331"}],"version-history":[{"count":6,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/70331\/revisions"}],"predecessor-version":[{"id":80009,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/70331\/revisions\/80009"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media\/70814"}],"wp:attachment":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media?parent=70331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/categories?post=70331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/tags?post=70331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nPayments from the government to all adult citizens, without any conditions<\/p>\n
\nPayments from the government to citizens who earn less than a speci\ufb01ed income<\/p>\n
\nPayments from the government to citizens below a certain income, speci\ufb01cally as tax refunds<\/p>\n
\nPayments from the government to citizens based on sales tax<\/p>\n
\nPayments from the government to citizens based on income from shared resources, such as land or oil<\/p>\n
\nAccess to free public services and social programs, such as healthcare, provided to all citizens by the government<\/p>\nBenefits of UBI<\/h2>\n
Negatives of UBI<\/h2>\n
Presidential Candidates and Their Positions<\/h2>\n
\nPete Buttigieg – Investment programs
\nBernie Sanders – Universal Healthcare
\nElizabeth Warren – Open to UBI and Universal Healthcare
\nJoe Biden – Opposed to UBI<\/p>\nUBI and the Future of Work<\/h2>\n