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.

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2 Comments
  1. Clinton 9 months ago

    Hello Hanson,
    This is a veru interesting post for me. I really like what you said about Andrew Yang and his idea. His idea is very unique and it might helps a lot of people in the U.S.. I hope that I could see you to post more interesting informations in the future. Great job!
    Sincerely,
    Clinton Kwong.

    Here is a link that might help you:
    https://www.yang2020.com/
    It is all about Andrew Yang and his ideas.

  2. Esther 9 months ago

    There have been a few cities that have experimented with UBI, the most recent being Ontario, Canada from 2017-2018. It was planned to be a 3 year experiment, but was ended two years early as it was deemed to be unsustainable by Ontario government. Finland has also tried a UBI system, and their findings were that low income citizens were happier when given money from the government, but their likelihood of getting a job was unaffected. Based on previous experiments, there is no guarantee that a UBI would be beneficial to American society, and it would be very difficult to implement. The poverty line and cost of living varies from city to city, so setting a baseline for receiving aid and the amount of aid received would be difficult to do on a national level.
    The fear of automation taking away jobs is valid, but for the most part, it moves labor away from minimum wage and physical labor jobs towards more technical jobs. With the creation of robots to complete simple tasks in manufacturing, it may take away someone’s minimum wage job, but it also creates jobs for programmers, engineers, and repair technicians as well as decreases the cost of manufacturing so that more people can afford basic goods. Development of technology has only ever improved the American standard of living and should not be feared.

    https://www.foxnews.com/politics/universal-basic-income-ditched-in-canada-even-as-us-cities-try-welfare-experiment
    https://phys.org/news/2019-02-universal-basic-income-people-happier.html

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