Is Basic Income The Future?

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Monthly checks of $1,000 might be what we need.

Imagine opening your mailbox and grabbing a $1,000 check, courtesy of your government. No, you’re not on welfare. No, you’re not on Social Security. You’re just an average citizen living their life.

Sign at the top and drop $1,000 into the bank. Crazy, right?

Some futurists believe it’s the future.

A mixed bag of globalization and automation mean factory and labor jobs are becoming obsolete. Which means we need a way to combat unemployment while bettering the lives of people in the 21st century.

Basic income could be that backbone to the economy we’ve been looking for.

In addition to a job, those working paycheck-to-paycheck have the luxury of escaping poverty, while remaining in the realm of capitalism. People can work to save and invest in their future – as opposed to simply survive.

What about the free market?

From a capitalist’s perspective, I know you’re thinking this won’t work. You think people will abuse the system and light their cash on fire with non-necessities.

Here’s the good news – when people have free money they buy more goods and services. Which means more money for the businessman or business owner. Which means a stronger economy.

Maybe you spend that extra $1,000 on a startup. Maybe you invest in the stock market. Maybe you buy a gift for your son’s birthday. Ultimately, you’d choose what to do with it because it would feed directly back into the economy.

Of coarse, there’s still many holes to be filled.

For example: Where will this extra income come from? Will taxes be raised? How will this affect unemployment? etc.

While there’s questions to ask, basic income would provide security to poor people, give employees negotiating power for job prospects, and decrease incentive for money fraud.

Basic income is a serious prospect and people should pay attention to it – because it may well be the future.

 

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