Give People Money

Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work and Remake the World, Annie Lowrey, Crown Publishing, 2018

What if the US Government started depositing $1000 every month in the bank account of everyone in America, with no strings attached? Sounds incredible, doesn't it? This book gives the details.

No doubt, some people will use the money to purchase items that are not healthy, like cigarettes, liquor or hard drugs. The vast majority of people will use the money to pay overdue bills, or stock up at the grocery store, or make a long-delayed trip to the dentist or doctor. The Universal Basic Income (or UBI) is meant to replace some, or all, of the current welfare system, which seems to be designed to be as confusing as possible.

Why should America consider a UBI now? It is not China, or immigration from Central America that will put millions of people out of work, it is automation (especially the rise of artificial intelligence). Not all of those newly unemployed will find new, 21st century jobs. Establishing a UBI will give these people a reliable amount of money each month, and it is easier, and cheaper, than pushing millions more people into an already overloaded welfare system.

How will America pay for it? The estimated cost of giving every American citizen $1000 per month, every month, is just under $4 trillion (the present size of the entire US economy). The closing of many tax loopholes, and the raising of many tax rates will have to happen to even come close to raising that amount.

This is a gem of a book. It is very thought-provoking, and very easy to understand. A UBI will help fill the "cracks" through which many low-income people fall. Here is an excellent place to start that discussion.