Why Universal Basic Income Should Be Implemented

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Nick Youngson

Artificial Intelligence

Universal Basic Income or UBI is a newly founded policy being discussed by policymakers. The idea gives all citizens of the United States an unconditional amount of money. Rich or poor, anyone could receive money under Universal Basic Income. Universal Basic Income should be implemented as newly developed artificial intelligence replaces jobs.

Artificial intelligence is essentially computers with the ability to think like humans. Technology like such can replace most American jobs. Experts estimate that more than 47% of jobs will be replaced in the coming decades. This leaves a huge portion of America unemployed and in poverty, while the employed enjoy massive amounts of wealth. As the poverty rates increase, massive deaths will result. 14 million deaths worldwide, every year were a cause of poverty.  The lack of money causes crime and violence on the streets of America. Universal Basic Income is necessary to keep those out of poverty. Giving money to the poor increases consumer spending power which is key to the economy. With Universal Basic Income, the economy would grow substantially.

Currently, many people are forced to work every day to support a basic living. After a day’s work, employees often arrive at home with little interest to pursue their passions. In today’s world, everyone is pressured to learn math and science, as those are the industries that provide a feasible living wage. Development in art and literature is falling rapidly. With a Universal Basic Income, development in art and literature would increase, while technological innovation would still be possible because of artificial intelligence.

But why hasn’t Universal Basic Income been implemented yet? Critics argue that Universal Basic Income causes a massive collapse of the economy. Giving everyone a thousand dollars every month would add up to 3.6 trillion- the entire federal budget. However, a new proposal finds that Universal Basic Income could fund itself. A reduction in income inequality prevents a right-wing takeover and fosters support for demagogues. There will be a large number of advocates supporting higher taxation on multinational companies and the rich. Because low-income workers do not pay high rates of tax, a high rate of tax on the rich would essentially increase the federal budget, which makes Universal Basic Income feasible.

Counter advocates of Universal Basic Income argue that people would grow lazy with Universal Basic Income as their wage is guaranteed. In a world with artificial intelligence, massive human labor isn’t needed so the economy could sustain itself. Furthermore, Universal Basic Income doesn’t disincentivize work. Universal Basic Income would still be paying everyone a relatively low amount of money meaning that people would still attempt to increase their quality of life. Many people would be freed to do work they love instead of one they hate.