You may not have noticed, but a huge global movement is well on its way to creating the next generation of the internet. This massive technological sea change is largely being driven by a key innovation in database technology called the blockchain, and many forecasters are predicting that it could cause as much social transformation as the introduction of the world-wide web twenty-six years ago.
What is a blockchain? In short, it is a disintermediating technology. In other words, it removes the need for middlemen and trusted third-parties. When combined with other technologies, blockchains have the potential to disintermediate many areas of life, from banking to information storage to voting to the making and sharing of goods and services.
What is UBI?
Is a type of program in which citizens (or permanent residents) of a country, or any other region, may receive a regular sum of money from a source such as the government. A pure or unconditional basic income has no means test, but unlike Social Security it is distributed automatically to all citizens without a requirement to notify changes in the citizen's financial status. Basic income can be implemented nationally, regionally or locally.
An unconditional income that is sufficient to meet a person's basic needs (at or above the poverty line), is called full basic income, while if it is less than that amount, it is called partial. A related welfare system is negative income tax, in which the government stipend is gradually reduced with higher labor income. Some welfare systems are related to basic income but have certain conditions. As these are not universal, they are more often referred to as guaranteed minimum income systems.
Why do we need UBI?
A promise of equal opportunity. “Basic income” would be an amount sufficient to secure basic needs as a permanent earnings floor no one could fall beneath, and would replace many of today’s temporary benefits, which are given only in case of emergency, and/or only to those who successfully pass the applied qualification tests. UBI would be a promise of equal opportunity, not equal outcome, a new starting line set above the poverty line.
Advantages of UBI.
Universal Basic Income would transform society in many positive ways and evidence shows this. Trials have led to all kinds of benefits—some expected, some surprising. Here are just a few of them:
UBI encourages people to find work. Many current welfare programs take away benefits when recipients find work, sometimes leaving them financially worse off than before they were employed. UBI is for all adults, regardless of employment status, so recipients are free to seek additional income, which most everyone does.
UBI reduces bureaucracy—with no-strings-attached coverage, determining who is eligible is far simpler and the cost of administering benefits is greatly reduced.
UBI increases bargaining power for workers because a guaranteed, unconditional income gives them leverage to say no to exploitative wages and abusive working conditions. Employers can’t push workers around as much.
UBI increases entrepreneurship because it provides for basic needs in the early lean days of a company and acts as a safety net if the business fails. It also gives you more consumers to sell to because everyone has more disposable income. The Roosevelt Institute found that a UBI would create 4.6 million jobs and grow the economy by 12 percent continuously. UBI would be the greatest catalyst for new jobs, entrepreneurship, and creativity we have ever seen.
UBI improves the mental health of recipients because it reduces conditions of scarcity, poverty, and financial insecurity, major sources of stress for millions of people.
UBI helps people make smarter decisions. Studies have shown that people in straits of economic insecurity have a reduced cognitive ability equal to 13 IQ points. UBI would provide the security people need to focus on important things like their families.
UBI improves physical health. With increased economic security, people are less prone to stresses, disease, and self-destructive behavior. A UBI experiment in Canada saw hospitalization rates go down 8.5%.
UBI increases art production, nonprofit work and caring for loved ones because it provides a supplementary income for those interested in labor that isn’t supported by the market.
UBI improves labor market efficiency because fewer workers are stuck in jobs that are a bad fit. National productivity will improve because people will be able to seek work that is more rewarding and promote higher job satisfaction.
UBI improves relationships by reducing domestic violence, child abuse, financial stresses, and sources of conflict. It ensures that everyone has an optimistic sense of his or her own future and has the mobility to get out of abusive relationships.
It’s amazing what a steady source of money can do to transform people’s lives. We can experience it here in America if we adopt Universal Basic Income and make it real; we are the wealthiest and most technologically advanced society in human history. It’s time to invest in our people.
Imagine your life and that of everyone you know with an extra $1,000 per month – how would you spend it? How would things change?
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