Basic Income Guarantee
Technology has evolved tremendously over the past 20 years and is expected to keep growing at an unimaginable pace. The growth in technology in 10-20 years will cause changes to how society usually operated (Thibodeau). Economist are calling it the second machine age in America (Pearlstein). We are about to begin the automation of jobs that has held this economy together. Machines are expected to take more than a third of all jobs by 2030 (Thibodeau). The unemployment will be extremely high. Low-class and some high-class jobs will be automated by machines (Thibodeau).
This problem is being talked about by many economist and big names in the technology field. They are juggling through ideas on how we will change and …show more content…
How much a person receives depends on the state he or she resides in. All adults would receive a monthly check from the government. There are requirements to receive the money, such as age, work experience, or financial issues (Pugh). Pugh wants to ruin the stigma attached to government funding to needy citizens only (Pugh). Pugh believes that if everyone receives it, nobody will say bad things about the people receiving it. They want Basic Income Guarantee to become a fundamental right, not another welfare program (Pugh).
Furthermore, one of the biggest benefits of Basic Income Guarantee, is that it eliminates poverty. If every adult has money to live off, homeless people will be able to support themselves. The overall quality of life in America will rise (Pugh). People will live with less stress knowing they don’t have to worry about losing a job and not being able to support themselves. Stress leads to less efficiency in workers (Kelland). People will become more productive at their jobs without having the burden of losing their livelihood on their minds …show more content…
To fund the Basic income program, we must do away with all social programs we have already, meaning unemployment, food stamps, disability, and even social security (Munger 504). Those programs use about 1 trillion of US dollars a year (Pugh). We will also have to use the negative income tax system. A negative income tax will tax the first $35,000 of additional income by 50%. People that are making an additional $35,000, will have an offset in paying taxes and will not be affected by the program (Pugh). Based on the income levels of the 2010 census, providing $17,500 to citizens will only cost the government $1.9 trillion dollars with the negative income tax in effect ("Annual Social and Economic (ASEC) Supplement”).
The Basic Income Guarantee program has already been in effect in different areas in the world (Walker). Alaska has already implemented a program similar to this on a smaller scale. The Alaskan government made a great deal of money from Prudhoe Bay oil boom of the '70s (Walker). The people in office decided to invest their money into the citizens of Alaska. The Alaska Permanent Fund started sending annual checks to the residents of Alaska. The Native American residents of Alaska in regional areas organized a program similar to that (Walker). They pay out dividends to their citizens on a smaller scale than
Technology has evolved tremendously over the past 20 years and is expected to keep growing at an unimaginable pace. The growth in technology in 10-20 years will cause changes to how society usually operated (Thibodeau). Economist are calling it the second machine age in America (Pearlstein). We are about to begin the automation of jobs that has held this economy together. Machines are expected to take more than a third of all jobs by 2030 (Thibodeau). The unemployment will be extremely high. Low-class and some high-class jobs will be automated by machines (Thibodeau).
This problem is being talked about by many economist and big names in the technology field. They are juggling through ideas on how we will change and …show more content…
How much a person receives depends on the state he or she resides in. All adults would receive a monthly check from the government. There are requirements to receive the money, such as age, work experience, or financial issues (Pugh). Pugh wants to ruin the stigma attached to government funding to needy citizens only (Pugh). Pugh believes that if everyone receives it, nobody will say bad things about the people receiving it. They want Basic Income Guarantee to become a fundamental right, not another welfare program (Pugh).
Furthermore, one of the biggest benefits of Basic Income Guarantee, is that it eliminates poverty. If every adult has money to live off, homeless people will be able to support themselves. The overall quality of life in America will rise (Pugh). People will live with less stress knowing they don’t have to worry about losing a job and not being able to support themselves. Stress leads to less efficiency in workers (Kelland). People will become more productive at their jobs without having the burden of losing their livelihood on their minds …show more content…
To fund the Basic income program, we must do away with all social programs we have already, meaning unemployment, food stamps, disability, and even social security (Munger 504). Those programs use about 1 trillion of US dollars a year (Pugh). We will also have to use the negative income tax system. A negative income tax will tax the first $35,000 of additional income by 50%. People that are making an additional $35,000, will have an offset in paying taxes and will not be affected by the program (Pugh). Based on the income levels of the 2010 census, providing $17,500 to citizens will only cost the government $1.9 trillion dollars with the negative income tax in effect ("Annual Social and Economic (ASEC) Supplement”).
The Basic Income Guarantee program has already been in effect in different areas in the world (Walker). Alaska has already implemented a program similar to this on a smaller scale. The Alaskan government made a great deal of money from Prudhoe Bay oil boom of the '70s (Walker). The people in office decided to invest their money into the citizens of Alaska. The Alaska Permanent Fund started sending annual checks to the residents of Alaska. The Native American residents of Alaska in regional areas organized a program similar to that (Walker). They pay out dividends to their citizens on a smaller scale than