Based on a journal entry written on July 30th, 2020.
Normally, I’m in favor of adopting some form of universal basic income (UBI). However, after reading some comments on a Hacker News post, I came across some potential pitfalls of implementing it.
Why I’m in Favor of UBI The reasons I’m drawn to UBI are twofold:
Support for the Most Vulnerable: UBI could help those in poverty, the homeless, and the hungry by providing a basic income to cover their essential needs. Opportunities for Unfulfilling Jobs: A UBI could allow individuals in unfulfilling jobs to pursue personal interests, like starting a business, exploring creative fields, or working on other aspirations. The Problem of Wealth Distribution The first reason is fairly self-explanatory. There are likely enough resources globally to house and feed everyone. However, history shows a consistent pattern where wealth accumulates in the hands of a few powerful leaders. In the United States, the concentration of wealth has increased sharply, with the income share of the top 1% rising from about 8% in 1980 to around 17% in 2015, according to the 2017 Economic Report of the President.
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