Answer:
What is Universal Basic Income?
Universal basic income (UBI) is a government program in which every adult citizen receives a set amount of money regularly. The goals of a basic income system are to alleviate poverty and replace other need-based social programs that potentially require greater bureaucratic involvement. The idea of universal basic income has gained momentum in the U.S. as automation increasingly replaces workers in manufacturing and other sectors of the economy.
Has it been proposed/supported in the past and by who?
Advocates ranging from tech billionaire Mark Zuckerberg to libertarian economist Milton Friedman to former Democratic presidential candidate Andrew Yang have endorsed it.
What are the pro's and con's for the economy?
Pros -Workers could wait for better jobs or better wages
-Freedom for people to return to school or stay home to care for a relative
-May help remove the "poverty trap" from traditional welfare programs
-Simple, straightforward financial assistance that minimizes bureaucracy
-Lower administrative costs than with traditional welfare
-More money for young families
-Economic stability during recessions
Cons -Could trigger inflation
-No increased standard of living in the long run
-Reduced program wouldn't make real difference
-Free income may not incentivize people to get jobs
-Could perpetuate falling labor force participation rate
-Many oppose giving money to the unemployed
Explanation:
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