Automation will be one of the many effects of the future
world, as a result of this many people will be redundant from working. Some
people believe that universal basic income is the answer. Many suggest that
when automation takes over robots will fund us.
A universal basic income (UBI) is a fixed amount, at a
level sufficient for subsistence, given by the state to all its citizens
regardless of income or work status. Most basic income proposals suggest that
purchasing power be distributed at scheduled intervals a week, month or even
year. However, proposals do exist that suggest money be given in a lump sum,
perhaps when you turn 18. In a country like the United States, it would cost
$3.2 trillion to distribute a $10,000 UBI to all citizens. If you made
exclusions for children, households earning more than $100,00, and retirees
receiving social security that number would fall to $1.5 trillion.
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| Universal Basic Income (Source: The Optimist Daily, 2017) |
The most substantial benefit of UBI would be the
elimination of households living below the poverty line, which would afford
everyone a base level of income security. Many believe it will also result in
an explosion in creativity, entrepreneurship and research. Some even see
universal basic income as a way to distribute the fruits of technological
advancement fairly amongst the population.
There are some disadvantages however, many opponents of
UBI believe an unconditional benefit would discourage productivity and work,
though early experiments have shown these concerns are largely unsubstantiated.
Others fear that governments around the world will not be able to secure the
funds to afford UBI in perpetuity. Finally, some argue a global benefit could
result in inflation. Aside from these disadvantages some countries have
proceeded with national conversations, extensive feasibility studies and trial projects are
currently being undertaken on the topic of UBI in the Netherlands, Kenya, India, Switzerland,
Finland and France and many other countries.
References
The Optimist Daily. (2017). Universal Basic Income. [Illustration]. Retrieved from https://www.optimistdaily.com/2018/04/clever-solutions-for-how-to-make-universal-basic-income-feasible-in-the-us/
