The idea behind universal basic income (UBI), in which one’s government would provide every citizen in a country with a set amount of cash each month, is thought by some to be a potential panacea to our global inequality and under/unemployment woes.
But to many others the idea is ludicrous and utterly unsustainable. So which is it?
Some countries and cities have run or are running pilot tests, and while it’s still quite early, it seems unlikely that UBI is going to work exactly as planned. Of course, it’s not that UBI isn’t helpful or beneficial to the people receiving it…it is, more or less across the board.
Rather, it’s the seemingly insurmountable hurdle of figuring out how to make UBI happen, effectively and sustainably for everyone over the long-term (particularly in well developed countries), without breaking the bank or collapsing consumption driven economies.
For better or worse, the idea of UBI has been gaining traction rapidly in the minds of the people in recent years.
Why? Automation. And fear. Continue reading…