US Universal Basic Income: Can you imagine getting free money from the government every month, without any conditions? Yes, the Universal Basic Income (UBI) scheme is being discussed vigorously in America. This proposal has raised hopes in the hearts of many people. After all, what is this Universal Basic Income scheme, who will be eligible for it, and how will its system work? If you also want to know how this revolutionary scheme can change your life, then read this article till the end. Universal Basic Income Scheme is not just a scheme, but a new beginning for the people.
A universal basic income (UBI) is a financial concept in which the government provides a fixed amount of money to all members of a specific group or region. Everyone receives this money, regardless of their income from employment, and it is sufficient to pay for necessities like housing and food. The goal is to ensure that everyone has enough money to live on, allowing them to feel secure and free to pursue their interests, launch a business, or work fewer hours without worrying about money.
What is this Universal Basic Income (UBI) scheme?
Universal Basic Income (UBI) is an idea in which the government gives a fixed amount of money to every person. Everyone gets this money, whether he is rich or poor. Its main objective is that everyone’s basic needs like food, house and clothes can be fulfilled. UBI means, “Whether you have income or not, you will definitely get this money.”
If we put it in simple language, then it is “pocket money” received every month from the government, which is enough to run your essential life. And the most important thing is that you do not need to fulfill any condition for this.
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Universal Basic Income vs Guaranteed Income Program (GIP)
Many people consider UBI and Guaranteed Income Program (GIP) to be the same, but there is a difference between them:
| Parameter | UBI (Universal Basic Income) | GIP (Guaranteed Income Program) |
| Beneficiaries | All individuals (rich or poor) | Only those in financial need |
| Objective | To provide economic freedom to everyone | To provide immediate assistance |
| Methodology | Provides money to everyone without testing | Provides money after assessing financial status |
| Benefit Level | Economic stability for the entire society | Specifically benefits the poor |
Objectives of this Universal Basic Income scheme
The objective of UBI is not just to give money, but it is an attempt to bring economic stability and independence.
- Economic security: Every person should be confident that he will always have money to fulfill his minimum needs.
- Feeling of freedom: People can take the risk of studying, changing jobs, or doing the work of their choice, because the pressure of earning money will be reduced a little.
- Ending poverty: This scheme can prove to be a big step towards tackling poverty.
- Less stress, more happiness: The stress caused due to lack of money can be reduced, and people can focus on other aspects of their lives.
Why is this Universal Basic Income scheme important?
You must be wondering why the government should give money to everyone? This scheme is important because:
Every person’s right: Everyone has the right to live. UBI ensures that no one has to struggle for basic necessities.
Eliminating social inequality: UBI attempts to reduce the gap between the rich and the poor.
Boosting the economy: When people have money to spend, demand in the market will increase, and this will also increase employment opportunities.
Redefining jobs: People can leave low-paying jobs and follow their passion.
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Current form of UBI in America
The dream of UBI in America has not yet become a reality, but many small experiments are being done. Let’s know about them:
Pilot Programs
Central Iowa Pilot:
In this program, some people are given $500 every month. Its purpose is to see how this money affects their lives.
Coachella Valley Pilot:
Here 140 immigrant families are being given $400 per month. Its purpose is to see what effect it has on the children and living standards of these families.
Alaska’s Permanent Fund Dividend
In Alaska, since 1980, every citizen is given a part of the state’s oil income. This money keeps changing every year, but it is similar to UBI. However, this amount is not so big that all the expenses are met.
What does the research say?
A lot of information is being received from the pilot projects being done on UBI:
- Economic stability: The economic condition of the people who are getting this money is improving.
- Effect on health: People’s mental stress has reduced and they are happier.
- Changes in employment: Some people have started working fewer hours, while some have spent this time learning new skills.
Challenges and questions
The idea of UBI sounds very good, but implementing it is not so easy.
Funding:
The biggest question is where will the money come from for this scheme? For this, either taxes will have to be increased or the budget of other government schemes will have to be reduced.
Effect of inflation:
If everyone gets money, then inflation may increase. This means that the money received from UBI may also fall short.
Public and political support:
The support of the public and leaders is necessary to implement this scheme. It also depends on the success of the pilot programs.
Conclusion
UBI can be a revolutionary scheme, which can completely change the lives of people. However, it requires massive planning and funding to implement it.
The current pilot programmes will help us understand how feasible this scheme is. If implemented properly, it can help eradicate poverty and economically empower the society.0
