The issue of Universal Basic Income in America is an extremely "Hot Topic"! As I learn more on UBI, I see the potential and positives of providing Americans a basic payment to strengthen their finances and in many cases improve their lives.
Universal basic income is a social welfare proposal in which all citizens of a given population regularly receive a guaranteed income in the form of an unconditional transfer payment. It would be received independently of any other income.
UBI And Inflation
UBI is no more or less inflationary than anything else that raises incomes - its impact would depend on whether the economy is at full employment, whether taxes are raised to pay for the scheme and various other factors.
Negatives Of UBI
They say if you give people money for doing nothing, they have no incentive to engage in productive work, and the economy suffers as a result. One problem with this argument is that many UBI programs don't provide enough money to live on.
Universal Basic Income (UBI) takes money from the poor and gives it to everyone, increasing poverty and depriving the poor of much needed targeted support. UBI is too expensive.
UBI removes the incentive to work, adversely affecting the economy and leading to a labor and skills shortage.
Positives Of UBI
UBI guarantees income for non-working parents and caregivers, thus empowering important traditionally unpaid roles, especially for women.
UBI leads to positive job growth and lower school dropout rates.
In 2022, the U.S. poverty threshold is $13,590 for a single person and $18,310 for a family of two. Thus, a monthly cash payment of about $1,135 for every adult and $395 for every child could keep every American above the poverty level.
An 18-month experiment took place with 125 people in Stockton, California, and is still ongoing. They are each receiving $500 per month with no strings attached. The working part or full-time participants are making at or below the median income of $46,000. Instead, the researchers found that people are reasonably spending their guaranteed income on food, clothing, utilities, and car repairs.
A 2016 University of Alaska study of the Alaska Permanent Fund, a program that gives a modest cash payment (around $1,000 per year) to all state residents, found that it kept between 15,000 and 25,000 Alaskans out of poverty each year.
Between 2007 and 2009, the Basic Income Grant program in Namibia cut the nation’s poverty rate nearly in half.
UBI Payment Amounts
5% - $410/month
10% - $820/month
15% - $1230/month
20% - $1640/month
25% - $2050/month
30% - $2460/month
US public spending as a % of GDP (Gross Domestic Product (Dec ‘22)) was 37% of GDP & UBI most likely would be on top of that.
I support the idea of 20%. $1640 dollars would help Americans and seniors to be able to afford the new nonsense 2× to 3× monthly rent to move in requirement.
Welfare Food Assistance with a UBI
The Supplemental Nutrition Program (SNAP) is key to alleviating food insecurity. Many food insecure households are ineligible for or do not participate in SNAP. SNAP can be reconstructed as a Universal Basic Income (UBI) program. If SNAP were a UBI, food insecurity would be reduced by up to 98 percent.
My proposal calls for people to receive a UBI combined with monthly food assistance payments. Universal assistance based on a set monthly amount. The program will no longer be income based.
My Universal Basic Income proposal will be given only to American Citizens and those legally in America.
There is no exception or eligibility for those criminals who are in America illegally.
My View and Conclusion
I find that while it is a topic of great support and great disagreement. I support UBI.
My administration would create a Federal Council on Universal Basic Income to bring the discussion forward.
I want to be sure America's safety nets like Social Security, food assistance, Women Infants and Children(WIC) and all Veterans and injured Veterans supports are protected and not part of the UBI discussion for any cuts.
Universal Basic Income would include payments to all Americans including the rich and wealthy. That is also a discussion we need to have.
I stand with Universal Basic Income.