Universal Basic Income (UBI) is a form of social security, in which each citizen of a country periodically receives an unconditional payment of money, either from a government or another public institution, in addition to any income the citizen may obtain from elsewhere.
The main idea is to ensure that every person receives a minimum amount of income so that no one has to live in poverty.
In the Twentieth Century, economists and civic leaders called for the institution of UBI, in order to build a “floor” or minimum income for each citizen. During the Great Depression, Louisiana Senator Huey Long gained some traction with his “Share Our Wealth” plan that sought to guarantee that each household had at least one-third of the average family wealth. During the same period, several economists, including Paul Samuelson, John Kenneth Galbraith, and James Tobin called on Congress to adopt “a national system of income guarantees and supplements.”
The debate has started, people have started considering something along these lines, to be part of the debate you can arm yourself with information and click here to read more.
Dave Croen is a credit and market risk management and strategy executive with strong analytical, research, quantitative and macroeconomics background