Retailers would order more, and manufacturers would try to produce more. Most would immediately spend the extra cash, driving up demand. A guaranteed income would give young couples the confidence they need to start a family. Some countries are concerned about falling birth rates.
Cash payments that went to everyone would eliminate costly income-verification paperwork. The simplicity of the program means it would also cost governments less. It would replace housing vouchers, food stamps, and other programs. A simple cash payment would cut down on bureaucracy. Current welfare programs are also complicated for administrators and recipients. They could even quit their job to care for a relative. They could improve their marketability by going back to school. It would be difficult especially in the US to get legislation passed because of stiff opposition to handouts for the unemployed. A reduced program with smaller payments won't make a real difference to poverty-stricken families. The snapshot below shows some of the program's many pros and cons that exist for countries who wish to implement a basic income. Sir Richard Branson said a guaranteed income is inevitable. They argue that automation has fundamentally changed the structure of the U. It would work through a modernization of the earned income tax credit. It would be equivalent to the tax payment for the families earning above the minimum level. The government sends the check, but plans differ on who funds the income. Others would only pay those who are below the poverty line, whether they are working or not.
Some would pay every citizen, regardless of income. The concept has regained popularity as a way to offset job losses caused by technology. A universal basic income is a government guarantee that each citizen receives a minimum income.
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