At the upcoming 2020 presidential election, a democratic candidate named Andrew Yang had become the hot spot, his idea of Universal Basic Income (UBI) for every single adult Ameican had gain lots of tension from the voters. So what is universal basic income? What can it accomplish for our society?
UBI is not a new idea it can be dated back to 16 century when Sir Thomas More describes a utopia that the state guaranteed every single citizen’s income. This idea ensure every citizen can have a basic income for living. Certainly, it is very hard to accomplish in 16 century, but the democratic candidate named Andrew Yang thought In the next 12 years, 1 out of 3 American workers are at risk of losing their jobs to new technologies so it is very necessary for the state to guarantee every citizen’s basic living. So as more money goes to ordinary citizens will it cost massive inflation? Andrew Yang’s answer is no, he says that UBI will mostly use the money inside the market there is no change in the supply of money, therefore there will be not much change among inflation.
UBI may be a great approach to lots of problems we currently have in society, but there are also lots of risks by doing that way, and also there are lots of other approaches we can solve the problem caused by automation such as raise the minimum wage.