Universal Basic Income (UBI) is a concept where all citizens or residents of a country receive a regular, unconditional sum of money from the government, without any means test or work requirement. While the idea of a UBI has been around for several decades, it has gained renewed attention in recent years due to rising income inequality, job displacement caused by automation and the COVID-19 pandemic.
Here are some of the latest developments on Universal Basic Income:
UBI experiments: Several countries and cities have launched pilot programs to test the feasibility and effectiveness of a UBI. In 2017, Finland began a two-year UBI experiment which provided 2,000 randomly selected unemployed people with a monthly tax-free payment of €560. The results showed that the UBI had no significant impact on employment, but did improve wellbeing and reduced stress levels. Other UBI experiments have been launched in Canada, Spain, and the United States.
Political support: The idea of a UBI has gained support from politicians across the political spectrum. In the United States, Democratic presidential candidate Andrew Yang ran on a platform of providing a UBI of $1,000 per month to every American adult. In Spain, the ruling left-wing coalition government has announced plans to introduce a UBI for the country's poorest citizens.
COVID-19 relief: The COVID-19 pandemic has highlighted the need for a safety net for all citizens, regardless of employment status. Several countries, including the United States, have provided direct cash payments to their citizens as part of COVID-19 relief packages. These payments have been seen as a form of temporary UBI and have raised awareness of the potential benefits of a more permanent UBI.
Public opinion: While there is no clear consensus on the effectiveness of a UBI, public opinion has been shifting towards more favorable views of the concept. A recent survey conducted by Pew Research Center found that 54% of Americans support a UBI, up from 48% in 2018. In Europe, a survey conducted by the European Social Survey found that a majority of respondents in most countries supported the introduction of a UBI.
In conclusion, while there is still much debate over the feasibility and effectiveness of a UBI, the concept has gained renewed attention in recent years. With ongoing UBI experiments, political support, and changing public opinion, it is likely that the idea of a UBI will continue to be discussed and explored in the years to come.
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