Top 10 Best Arguments for a Basic Income
A basic income can be divided into two main types: a Guaranteed Minimum Income (GMI), also known as a negative income tax, and a Universal Basic Income (UBI). A GMI would establish a minimum income floor for wages. For example, if the income floor is set at $12,000, no one would earn less than $12,000 per year. If a person's income falls below this level, they would receive payments to bring their total income up to $12,000.A Universal Basic Income, on the other hand, means that everyone - regardless of their current income level - receives a set amount, such as $12,000, unconditionally.
An increasing number of economists are supporting the idea of a basic income. Individuals from across the political spectrum, including conservatives, libertarians, and liberals, have expressed their support for some form of basic income. Notable supporters include:
- Milton Friedman
- Friedrich Hayek
- Thomas Paine
- Henry George
- Martin Luther King Jr.
- Mark Zuckerberg
- Elon Musk
Here are ten reasons why the U.S. should adopt a basic income.
If you set the basic income to the poverty level, poverty everywhere would be pretty much eliminated. Everyone would have a basic standard of living. By basic standard, I don't mean sipping martinis and owning five cars.
Everyone would have a basic amount of food, clothing, shelter, and medical insurance.
The main reason why many libertarians endorse a basic income is that it would allow us to significantly free the markets. If everyone had a basic income to fall back on, the minimum wage would be useless. Employees could directly barter with their employers for a wage they deem to be fair, without the fear that their spiteful employer will just kick them onto the street.
Hard-core libertarians believe that if we enacted a basic income, public schooling, medical insurance, etc., would be obsolete. People would have to shop in an open market for these things, which would allow more competition and result in lower prices.
One day, your job will be taken over by a robot. It might be twenty years from now, twenty months from now, or tomorrow. Automation is quickly rising, and soon, most jobs will be automated. Contrary to popular belief, this is a good thing.
Only jobs that no one wants to do will be automated. Jobs like cashiers, fast food workers, garbage collectors, and bank tellers will no longer exist. This is the capitalist system at work. Capitalism is efficient. If people hate doing their job, they're not going to be very productive. Robots are very productive and cheaper as well.
So we shouldn't fight them when they take over useless jobs. We should be thankful. No more slaving over a cash register for forty hours a week for a wage that isn't livable.
The only problem with automation is, what happens to the people who are unemployed? The majority of people who work low-skill jobs are uneducated, inexperienced, and poor. It's not like they can find a new job just like that. They're going to go into poverty. Then they're going to need food stamps, Medicaid, affordable housing, etc. All these programs suck up taxpayer dollars.
The only logical action to take is to make sure everyone has a basic income, so they can still live a respectable life when their job becomes automated. With the money, they may return to school and pursue their dream job. A job that gives them purpose, unlike their last job. Or they may start their own business and create a useful product for society. They may stay home and pursue their passion, such as creating art.
They may choose to live with and care for a sick or old family member. They may focus on raising their kids while teaching them right from wrong. Under today's system, they cannot do all of this. With a basic income, they could.
Our current welfare system discourages work by stripping your benefits away when you find employment. This has caused a culture of dependency, where people who can work choose not to. These people are acting logically.
Why would I work at a job that I hate and find useless, while making a pathetic wage, when I can stay home and earn around the same amount in government benefits? This is a perverse system if you ask me. A basic income would reward work because your benefits increase the more you work.
Which job is more important to society? A Walmart cashier, or a mother raising her children while providing them with good morals? A custodian, or a musician? A caregiver, or a fry-cook?
While cashiers, custodians, and fry-cooks are paid, the other three are not. They receive absolutely no pay for their work, even though their work is arguably more beneficial to society. With a basic income, work that is traditionally unpaid, such as being a stay-at-home parent, caregiver, artist, or author, will actually receive compensation.
The current welfare system tramples on your privacy. You have to go through means-testing, drug-testing, interviews, and check-ups. With a basic income, you just receive the money. That's it. This is another reason why many Libertarians support it.
Many people die with regrets. Regrets of not doing everything on their bucket list, or spending too much time at work, and not enough with their family or friends. In any civilized society, this shouldn't stand.
If everyone had a basic income, they would be more likely to chase their dreams and spend time with the people they love.
Right now, many employees are scared to ask for a raise, fewer hours, more vacation time, etc. They're scared that they'll be fired if they speak up. Under a basic income, workers will feel empowered to ask for more benefits without the fear of reprisal.
Workers in all sectors might work fewer hours, receive higher pay or a more flexible schedule, more paid time off, or more say in their company.
People near the bottom of the income ladder spend most of their income. This normally increases demand, which creates jobs. If a basic income were enacted, everyone near the bottom would receive a raise, or if it's a UBI, everyone would receive a raise.
This would be a big stimulus for our sluggish economy.
Writers, musicians, and filmmakers all know that it's hard to get started in the business. But what they do is a job as well, and they put in a lot of work. Success doesn't come immediately, so they have to take a job with no passion at all and have less time to focus on their career.
An example: In 2017, German rapper Jalil released his album "Epic," a collaboration with established rapper Fler, which managed to top the charts. That's great, except for the fact it was his fourth album, excluding EPs and mixtapes, and the first one with any notable success. During the recording session, Jalil had to go directly to the studio after work, then sleep for barely three hours before heading to work. And somewhere between, he had to write the lyrics. Fler demanded him to stay in the studio until his work for the day was finished, and so did his boss in the office. Is that fair?
Basically, he lived for two jobs. And imagine if the album hadn't been as successful. That's why I also support basic income, for every state.