Good morning, ladies and gentlemen. Today my topic is universal basic income.
We take a look at this picture.
This picture is in Oakland, California, in 2022. This is a dusty camp under the highway built for homeless people. Driven by a housing crisis, pandemic, and economic inequality, most lost their jobs in the past years. Without a steady income, these people live from hand to mouth and can't afford to live under a roof. While the economic inequality problem isn't so severe in China, it is serious in the United States. Thus some people came up with the idea of Ubi or universal basic income.
Before we discuss its pros and cons, I would like to define universal basic income. Some people might say that there is already a welfare system and healthcare system in our society.
However, universal basic income is different. Universal basic income is a certain amount of free money for everybody, whether rich or poor. It is enough money to lift people above the poverty line, enough to afford basic housing, food, clothing, and education, but not more. People can spend this money doing anything they want. Welfare is different in that one needs to meet specific standards to qualify, and how you spend that money is restricted; some rules include not calling a taxi, not eating in restaurants, etc. When someone gets welfare, the government usually helps him find a job that requires little skills and long working hours. Thus, he does not have enough time, and any extra dime he earns is taken away. Welfare is like a poverty trap. Universal basic income, however, lifts people out of poverty.
Now I want to discuss the pros of basic income.
Some ill or disabled people find it hard to earn money independently. If they don't have much savings, they may be in poverty and unable to afford housing or rent. A basic income will make their lives much more comfortable. Adults caring for aging parents may devote as many hours to it as they would to a full-time job. Long-term care professionals charge thousands of dollars per month for it, but these family caregivers don’t get a dime. UBI would provide a source of income for unpaid caregivers. It would also make it easier for parents to stay home with their children or reduce their working hours to spend more time with them.
Secondly, universal basic income allows people to pursue higher education and find the most suitable jobs. Reports show that about 5% of high school students drop out in the United States, and the number is even higher for people of color, suggesting 10% for Latin Americans. And the main reason behind that is they have to earn quick money. If given a universal basic income, people can feel free to learn new skills or enroll in higher education. In 2011-2012, in several villages in India, the government proposed a guaranteed basic income for all citizens. It was found that basic income in the region raised the education rate of young people by 25%. Moreover, people are so busy working that they don't have time to think about what they want to do. Nowadays, 80 percent of workers dislike their jobs. Guaranteed income outside employment allows workers to make employment decisions based on their passions and interests. A universal basic income will be life-changing, and people can search for and do the job they truly want. When you know you have guaranteed income, you're much more likely to attempt to start a business or change careers without the fear of being unable to provide for yourself or your family.
However, there are also disadvantages.
First universal basic income may reduce the incentive to work. If we pay people unconditionally to do nothing… some of them will do nothing, which leads to a less effective economy. Researchers have shown that a strong economy relies on people being motivated to work hard and to encourage people; there needs to be an element of uncertainty for the future. UBI, providing guaranteed security, removes this uncertainty. However, one problem with this argument is that universal basic income offers just enough for substantial living; it doesn't provide enough money to live a comfortable life. Thus people still have the urge to work and raise their standard of living.
Another disadvantage is that people are living in poverty lack more than just money. Many also have addiction issues, poor health, or a lack of social skills. Giving them cash doesn’t solve these problems. Some argue that aid programs targeting these social ills can help the poor more than cash. GiveDirectly, a charity that gives money to poor people in developing countries, concedes that its cash transfers may not be practical and harm people’s ability to work and earn money. What's more, UBI programs often use funds from targeted programs for distribution to everyone in society. These programs include donations, funding for medical aid, or child assistance programs. According to researchers, “if you take the dollars targeted on people in the bottom fifth or two-fifths of the population and convert them to universal payments to people up the income scale, you’re redistributing income upward. That would increase poverty and inequality rather than reduce them.”
Conclusion
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