An Indulger's Guide Universal Basic Income

4 min read

As automation spread throughout the world, its impacts will be staggering. As the future comes into creation we are going to see more and more thing that look like science fiction and fewer and fewer jobs/careers. So how can nations and their citizens adapt to this acceleration of technology and make their citizens feel like they do belong? Well, one-way is a UBI or Universal Basic Income. (Click To Tweet)

An Indulger's Guide Universal Basic Income

Since the advent of the Industrial Revolution, we have seen changes of tremendous proportions. Nothing before in human history has prospered our way of life and the global economy. Meanwhile today the automation revolution is starting to take place in hardware and software. It's starting to catch up with the workforce and humans can't compete or keep up with technology in the workforce. A lot of careers are starting to get replace and as stated by Google co-founder Sergey Brin "It's an incredible time and it's very hard to forecast what can AI do. We don't really know the limits."

What is Universal Basic Income (UBI)?

So if everyone loses their jobs in the future, what impact will this have on the economy and society. Well, one-way nations across the world are doing that by giving all their citizens a UBI(Universal Basic Income). An idea that dates back to sixteenth-century philosophers who wrote about a nation where each citizen is relieved of the burden of worry over securing their essential needs for food, shelter, and items of clothing.

As technology begins to surrender every job the idea for a Universal Basic Income is starting to gather momentum. Andrew Yang, a presidential candidate for 2020 want to give you $1000 a month no question ask and you can spend it however and on whatever you like. He would do it by taxing big companies on their worth. Bill Gates also believe robots should be taxed like humans.

Why all the automation

What the world and most companies want is to take this opportunity and make all our goods and services and free up manual labor. You can't say you don't like seating at home and streaming movies on Netflix. This will let us do better and bigger things where human empathy and understanding is required and is still unique. Simple and repetitive works are the most at risk right now.

Wealth Inequality

The same old saying the rich get richer and the poor get poorer. As the years past the 1% of the world just get richer. Wealth Inequality is caused by central bank policies. A recent study by the Deutsche Bank, on the past one hundred years, came to the conclusion that loose central bank policy causes wealth inequality. If the world continues as it is when automation is in full effect the gap will get even wider every year.

The Reasons For A Universal Basic Income (UBI)

The number of jobs lost in a particular timeframe today is far greater than ever in the history of humans. Humans can only work for up to 8 hours in a day and they need lunch breaks and time off. While an algorithm or a machine don't need any of that and can work 24/7.

This is why people like Bill Gates suggests putting a robot tax in effect to help pay for the UBI. As corporate America keep focusing more and more on profit and optimization, employees will always be the first to go.

Andrew Yang Our Savior?

The only presidential candidate that's looking forward into the future and securing your future. We all know that the Social Security trust fund that pays retirement and disability benefits will run out of cash reserves by 2034 projected by AARP. He proposes building a trickle-up economy by giving $1000 to every citizen every month. This would greatly end homelessness in America and help people keep up with the rise of the cost of living in the U.S.

This will ensure everyone to be able to buy the basic level of necessities. Most importantly this will help incentivize people on welfare to work as they could be making more instead of worrying about losing their welfare. Most people argue that this will make people lazier and that's false as it's human nature to not just survive but to live a comfortable life and be free to do anything.

All this money will come from taxes on big companies and wall street and all the money would flow right back into the economy by the increased spending of customers. Yang cites studies that the UBI would increase the economy by 8-10% growth, create 2 million new jobs and money would be saved on incarceration as crimes would dramatically decrease.

Yang also brings up the point of the Alaskans UBI as proof that people would still keep working. Well if you didn't know residents of Alaska gets $2,000 per year from state-funded taxes on oil companies. Essentially, UBI will help make sure everyone gets a slice of the pie of automation instead of one company profiting off of the technology.

I hope that this will help you and if you have any other questions or maybe want to share some additional tips: please leave them down below and click here to get more of ThisIndulge. I would love to read your comments 🙂

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