Next Year, This City Will Experiment With Free Guaranteed Monthly Income!
I just read that a city in California will experiment next year with free guaranteed monthly income.
This city is Stockton, CA.
This experiment is the first of its kind to be done in the US. But if you’ve read my previous post on UBI, you already know that similar tests are already being undertaken in other parts of the globe.
$500 in free cash, per month, for 3 straight years!
The mayor of Stockton, CA is hoping that the experiment will last for 3 years, where the recipients will receive a fixed monthly income (for free, with no strings attached), for 3 years.
Keep in mind, $500 a month is not enough to cover the average household’s monthly expenses. But it will certainly help offset a major portion of rising costs related to things like housing, groceries, and debt (i.e. tuition).
Why give people free money, with no strings attached?
People who are for UBI say that this is needed to restore dignity to people who are living in poverty and also because quite frankly technology will eliminate jobs in the next 5 – 20 years at an unprecedented rate.
And for this reason, they say that eventually all the governments in the world will need to subsidize such a program with all their citizens in the near future.
Opponents of UBI say that running such programs will dis-incentivize people from working, because there will no longer be a financial need to work. Since a full-fledged fully-funded UBI would cover, at a minimum, a base level required for sustenance.
You might’ve also read my previous post on jobs and majors that I feel are the most future-proof here:
The Atlantic – Free Money at the Edge of the Tech Boom
Fortune – A Brief History of Free Money
What are your thoughts on this? Are you for or against Universal Basic Income (UBI)? Why or why not? Share in the comments below!