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Universal Basic Income (UBI)


Whats is Universal basic income(UBI)?

A Universal basic incomeis a government guarantee that each citizen receives a minimum income. It is also called a citizen'sincome, guaranteed minimumincome, orbasic income. The intention behind the payment is to provide enough to cover thebasiccost of living and provide financial security.


Pros

  • Workers could afford to wait for a better job or better wages.

  • People would have the freedom to return to school or stay home to care for a relative.

  • The "poverty trap" would be removed from traditional welfare programs.

  • Citizens could have simple, straightforward financial assistance that minimizes bureaucracy.

  • The government would spend less to administer the program than with traditional welfare.

  • Payments would help young couples start families in countries with low birth rates.

  • The payments could help stabilize the economy during recessionary periods.


Cons

  • Inflation could be triggered because of the increase in demand for goods and services.

  • There won't be an increased standard of living in the long run because of inflated prices.

  • A reduced program with smaller payments won't make a real difference to poverty-stricken families.

  • Free income may disincentivize people to get jobs, and make work seem optional. 

  • Free income could perpetuate the falling labor force participation rate.

  • It would be difficult especially in the US to get legislation passed because of stiff opposition to handouts for the unemployed.

Do any countries have universal basic income?

Several countries are planning for local or regional experiments with basic income or related welfare systems. For example,

  • Australia

  • Belgium.

  • Brazil.

  • Bulgaria.

  • Canada.

  • Czech Republic.

  • Finland.

  • France.




#UBI

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