Universal basic income (UBI) , also called guaranteed basic income, is the concept that every working person should be provided with enough income to meet basic needs. Thus far, when UBI is put in practice, only those who earn very little or no income benefit.
Regional and local governments around the world, such as Manitoba and Ontario in Canada, Utrecht in the Netherlands, Nairobi in Kenya and several villages in India have experimented with it. The United States used a negative income tax (paying people who made little or no money when they filed their taxes) for some years. The State of Alaska and Spain both have forms of guaranteed basic income. Some national governments, such as Finland and Germany are also experimenting with the concept.
The COVID-19 pandemic, with the shutdown's impact on loss of income supplemented by many governments may yield opportunities to help answer some questions about guaranteed basic income, such as: what do people do when they cannot do their jobs and have a guaranteed income? Do they stop working or do they find other ways to work? If they find other ways to work, do they find paid work or do they do unpaid work? You can ask yourself these questions if you received benefits during the pandemic.
AI’s job replacement rate is between 3-6 jobs.* Some researchers predict that worldwide, a massive percent of the workforce could lose their jobs in the next ten to twenty years. These predictions often give rise to a discussion about universal basic income.
*Acemoglu, D., & Restrepo, P. (2019). Robots and Jobs: Evidence from US Labor Markets. Journal of Political Economy, doi:10.1086/705716
**Susskind, D. (2020). A world without work: Technology, automation, and how we should respond. New York, NY: Henry Holt and Company; Amblee, R. (2019). Who pays who?How abundance created by Artificial Intelligence would pay for universal basic income. Gloture Books
How abundance created by Artificial Intelligence would pay for universal basic income. Gloture Books
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Posts written by the People of the Happiness Alliance & our Friends.