Unconditional Basic Income is an economic stimulus. Everyone wins!
1. What is Unconditional Basic Income (UBI)?
UBI is a guaranteed minimum income that is given unconditionally to all people in a country. On top of this ‘basic’ minimum people can earn an income by working, just as they do now.
2. Why introduce the UBI?
– UBI eliminates poverty.
The financial crisis of 2007–2008, also known as the Global Financial Crisis, is considered by many economists the worst financial crisis since the Great Depression of the 1930s. It resulted in the threat of total collapse of large financial institutions, the bailout of banks by national governments, and downturns in stock markets around the world. In many areas, the housing market also suffered, resulting in evictions, foreclosures and prolonged unemployment.
– UBI serves as a safety net. It supports the unemployed and each individual to survive with dignity during the periods in which work is scarce.
– No other system guarantees basic economic security to all people in such an unconditional and straightforward way.
3. But for that we have Social Security, don’t we?
Social Security, besides being very costly to maintain, does not fulfil its purpose which is to eliminate poverty. It also does not encourage people to work rather than depend on it, because arranging a job means loosing the right to unemployment benefits and stability.
4. Why should people get paid for doing nothing? They will become lazy and insolent.
People would be more productive, would engage with work in a more meaningful way, knowing that they chose the work they do. Exploitation of people in desperate situations would cease. People would have time to take time off working for study purposes, for purposes of being with their loved ones in difficult times, with their babies and small children. It would create more jobs. The voluntary work which is carried out in our society each day would be even more rewarding.
5. Isn’t the cost of UBI higher than Social Security?
Not necessarily. In the long run it is more economical because it eliminates all the bureaucratic costs associated with social support. It also eliminates the costs derived from poverty, because it is the biggest cause of people going to prisons, mental illness, school failure and family problems.
6. Who will benefit most with the UBI?
All will benefit – from the workers to the company owners. The UBI gives everyone the opportunity to work harder, get wealthier. It simultaneously helps to reduce economic inequality and it gives to people the capacity to buy goods hence invigorating the economy. The rich remain rich and the poor have the opportunity to enrich.
The UBI is an economic stimulus. Everyone wins!
So let’s sign the petition to pay every adult an Unconditional Basic Income of £11,375 a year