Can universal basic income fix a crisis that’s already begun?

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  • The COVID-19 pandemic has thrown millions of Americans into unemployment, highlighting the impracticality of living paycheck to paycheck, which a shocking number of Americans must do. Yet pandemic unemployment is just a glimpse of the fallout the US can expect in a future where more and more jobs are automated.
  • Is universal basic income the answer? In this video, a range of experts from economists to entrepreneurs and historians explore different facets of basic income, like why we need it, how it’s different to welfare, and how we’ll pay for it.
  • Yanis Varoufakis, Greece’s former Minister of Finance, explains why he’s not in favor of a UBI tax, but rather the creation of a public equity fund: “[T]hese days capital is socially produced … Take for instance … the capital stock of Google. To a large extent it is produced by all of us. Every time we search something on the Google search engine, we are adding to the capital stock of Google. This is not just a consumer transaction. So, if capital is socially produced why are the returns to capital privatized? On what basis?”

What’s your favorite argument for (or against) UBI? Let us know in the comments!

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