2023-09-15 08:39:48
Dozens of cities in the United States have launched guaranteed income programs. Is this the start of universal basic income? The promise of universal basic income (UBI) remains an attractive concept to many, even as the US economy falters and Fitch Ratings downgrades the country’s debt. In America, new free cash programs for residents are constantly being announced following the first experiments have proved successful. UBI is actually an old concept backed by many historical examples. The idea is simple: long-term cash payments provide a basic safety net for everyone. In the 21st century, the more local programs are started, the more it seems to work. With the outbreak of Covid-19, the authorities asked people to stay at home due to the epidemic and their safety. The foreclosures left millions of households struggling financially. In response, many cities have decided to test guaranteed income programs. In principle, these programs are similar to UBI, but they are not aimed at all residents, but at a selected part of the population. U.S. cities rapidly launch income programs Pilot programs will distribute a total of $14.49 million to low-income residents to test the effectiveness of basic income. Ann Arbor In Ann Arbor, Michigan, applications are now open for a pilot project that will provide a total of $1.2 million to entrepreneurs, the self-employed, small business owners and part-time workers. In the basic income project, one hundred applicants are randomly selected, who will receive $528 (approximately HUF 185,000) per month for two years starting in 2024. The only condition is that participants must have an annual income at or below 225% of the federal poverty line. Texas In Austin, Texas, $1.3 million has been allocated to continue a basic income pilot program to help people at risk of homelessness or displacement. Thanks to the program, 135 households will be given $1,000 per month for a year. Philadelphia Philadelphia, Pennsylvania has been allocated a total of $449,400 to be distributed over one year. A group of 51 families already receiving temporary assistance will receive $500 a month for a year, and another 239 families will receive $50 a month. Santa Clara In July 2020, Santa Clara County, California launched the country’s first guaranteed income program to help young adults exiting the foster care system. The results showed that money had a significant positive impact on people’s livelihoods. According to the evaluation of the experiment, the participants overcame the obstacles and started a healthier life. “After two years, the participants reported improved well-being, income stability, employment, housing and credit scores also improved measurably. Many reported a generational impact as they were able to enroll their children in extracurricular activities or found jobs that allowed them to spend more time with their children.” – writes the Santa Clara County Communications Office. The program has recently been tested in more and more cities. By the fall of 2023, more than 40 basic income experiments have been launched in the United States alone. Why is universal basic income becoming more and more popular? At first, one might think that the basic income is mainly supported by those who need it more. However, this is a huge mistake. In recent years, the initiative has been supported by several billionaires, including Jeff Bezos, Mark Zuckerberg and Bill Gates. In addition, the most visible support so far has been given by Jack Dorsey. In 2020, the founder of Twitter donated 28% of his wealth, or $1 billion, to charitable causes, including supporting the Unconditional Basic Income initiative. A regular and unconditional income would also reward important activities such as raising children or caring for the elderly. These are jobs that strengthen social development and cohesion, yet they receive little attention in everyday life. In addition, the state of public health may also improve, according to a Canadian study. The results of the research showed that many health problems were alleviated by the increased income. By widely expanding the program, instead of surviving from month to month, people would be able to do their work in more stable conditions. And safe conditions would enable greater risk-taking, which would stimulate innovative thinking and development. Those interested in basic income can read more regarding the advantages and disadvantages in our previous article. Published on the BitcoinBázis page.
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