Thoughts on Universial Basic Income (UBI)
The idea of a universal basic income (UBI) has been around for a while. In the 16th century, Thomas More articulated an idea to provide a minimum income to prevent thieves from stealing, as the death penalty wasn’t enough to dissuade the starving. Thomas Paine, a few centuries later, argued for a land tax to fund a UBI to ensure a minimum standard of living.
This idea isn’t necessarily radical either; America already has Social Security, which is a monthly income allowing senior citizens to take care of their basic needs. Yet many are still opposed to the idea. Although there are a variety of reasons why, here are some of the few key ones: 1. funding a UBI would be too expensive, and 2. having one would disincentivize work.