The small but vocal cohort of proponents of UBI has found a well-heeled tech titan to ignite the movement — Twitter and Square CEO Jack Dorsey.
The small but vocal cohort of universal basic income proponents has found a well-heeled tech titan to ignite the movement.
Universal basic income is not a novel concept, but has certainly experienced a mainstream rebirth over the last two years — and it is considered to be more relevant than ever now by some as millions of Americans have lost their income amid coronavirus shutdowns. Story continuesBut the $2 trillion coronavirus stimulus law known as the CARES Act — and potentially more stimulus on the way — showcases the dire need of average Americans to stay afloat, with $290 billion dedicated to one-time stimulus checks of $1,200 to those making less than $75,000 per year.
Tech titans push for UBIBasic income experiments around the world have been limited in scope. In 2018, Finland decided to scrap a two-year UBI experiment with 2,000 unemployed people. Meanwhile, a 12-year trial in Kenya revealed that people spend the monthly stipend on basic necessities — not alcohol and drugs like skeptics claim.
“UBI is vital so we can build a ground-up economy, based upon the businesses that people want to start in their towns,” he told Yahoo Finance in 2017.
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