Last week we looked at two major criticisms of UBI—that it is unaffordable and highly inflationary. As we saw, both objections largely fall apart under closer examination. A UBI is not “new spending” in the usual sense; it is primarily a transfer of income from those with the most to those with less. This week we turn to two additional concerns: workforce participation and the possible dilution of targeted welfare programs. One concern comes more from the political right, the

This morning my New York Times top stories email included this subject line: “Silicon Valley is bracing for a permanent underclass” The blurb read: The people building A.I. fear that we have only a short time before it disrupts the labor force, writes Jasmine Sun in Times Opinion. Some even believe it could create a permanent underclass. Many economists think we’ve had a permanent underclass for several decades already. We clearly need universal basic income as some of the te

This post is a bit of a departure. I’m going to take a short look at money in politics in the US, what we can do about it, and how universal basic income fits in. Our politics are money-soaked, and that goes for both parties. As I point out in Shares in America, the better-financed candidate in US House races now wins over 90% of the time, and 70% to 88% of the time in Senate races. Candidates and parties are beholden to those who finance their campaigns. In 2024 megadonors g

As the world grapples with rapid technological advancements and widening economic disparities, the conversation around Universal Basic Income (UBI) has gained unprecedented momentum. Advocates argue that UBI has the potential to transform society by providing a financial safety net for all citizens, empowering them to thrive in an ever-changing job landscape. By ensuring a basic level of income, UBI aims to alleviate poverty, stimulate local economies, and foster innovation,

Universal Basic Income (UBI) has emerged as a compelling topic in contemporary economic discussions, often generating passionate debates about its potential to reshape society. However, understanding UBI requires delving into its historical background, which reveals a rich tapestry of ideas and experiments that have shaped its evolution. From early philosophical musings to modern policy proposals, the concept of providing a basic income to all citizens has roots that stretch

In recent years, Universal Basic Income (UBI) has emerged as a critical topic in discussions about economic inequality and social welfare. As communities around the globe face unprecedented challenges, understanding the fundamentals of UBI becomes essential. This innovative approach proposes providing individuals with a regular, unconditional sum of money, ensuring financial stability and promoting individual freedom. Exploring the fundamentals of UBI and its importance can h