Down you lie or up you stand, either way you'll earn a grand:)
A Universal Basic Income. It's something that's been talked about more and more lately, as presidential candidate Andrew Yang's main tagline. But is a universal basic income truly feasible and is it really better to replace means-tested welfare?
In this multi-part (I can't predict how many) blog series, I'll be delving into the pros and cons of universal basic income, and maybe provide some insight into a policy that seems to have captivated many people (maybe this'll even influence your voting choices later this year).
This first post will serve as some type of background that introduces both Universal Basic Income and means-tested welfare, the current system challenged by Universal Basic Income. The welfare system was implemented in 1935 by FDR as part of his New Deal, aiming to rebuild the country after the Great Depression. In 2011, the federal government spent more than a trillion dollars on the 83 welfare programs. Universal Basic Income plans are projected to either coexist (Andrew Yang's plan) with or completely replace means-tested welfare.
Plans for universal basic income have already been tested in countries such as the Netherlands, Finland, Canada, and Alaska. While it's not fully accurate to looks at empirics and experiments in other countries to apply Universal Basic Income to the entirety of the United States. The general plan is some form of set cash payment to every person over the age of 18 (typically a thousand dollars). Some plans offer money to children below 18 as well. Even though the effects of implementing a Universal Basic Income can never be accurately predicted before it occurs, the next best thing to do is to analyze the pros and cons on the economy.
http://www.themarketforideas.com/public/store/images/articles/2017/09/7-8/universal-basic-income-a-challenge-for-social-and-economic-policies-a461.jpg
https://www.crf-usa.org/bill-of-rights-in-action/bria-14-3-a-how-welfare-began-in-the-united-states.html
https://www.budget.senate.gov/imo/media/doc/CRS%20Report%20-%20Welfare%20Spending%20The%20Largest%20Item%20In%20The%20Federal%20Budget.pdf
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