Under capitalism, the idea of working hard for money has been around for as long as most of us can remember. This will certainly be true for the most part if you were born in Western society.
It is not a perfect system by any means. Although, it has allowed a lot of people to be rewarded for their financial value to society.
There are a few different factors at play here and many argue that people shouldn’t suffer if they don’t fit the mold. Neither should they hurt if they haven’t attained as much material success as their fellow man.
This is where the controversial topic of universal basic income is brought up for debate. There is currently a trial for UBI being run in the UK. Here are a few facts about universal basic income.
How does universal basic income work exactly?
What is universal basic income? The term “universal basic income” is often shortened to “UBI”. This is a guaranteed, no strings attached source of income for everyone.
UBI would essentially form a minimum income floor for all. This would then mean no one would have to drop below that threshold.
When will universal basic income start?
It is currently ongoing as we speak. The UBI trial will run for two years in total. There is a genuine possibility of the program being extended after those couple of years are up.
Can I apply online for universal basic income? For this trial, you won’t be able to put forward a universal basic income application form as it is too late now.
How much UBI money will participants receive?
How would universal basic income work? UBI is paid to each individual rather than to that household as a whole. How much would universal basic income be in the UK? In this trial, each person will be given £1,600 per month in free money.
Apparently, the UBI amount paid may be different based on your age and other personal attributes. As per the trial, universal basic income will be distributed via monthly payments. UBI payments will then be deposited directly into one’s bank account.
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What is the purpose of universal basic income?
Recipients are free to spend their payments on whatever they want. However, the likelihood is that it will mostly be spent on the basics. UBI is designed to cover all your essential needs such as:
- housing (rent or mortgage payments)
- council tax
- home insurance
- food and groceries
- water
- utilities and energy usage (gas and electricity)
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Where will the universal basic income experiment take place?
This limited trial will be taking place in England. There is a very small sample size for this trial in particular. Does everyone get universal basic income? In total, it will consist of 30 people from two specific areas (East Finchley and Jarrow).
Who is running the UBI program?
This whole scheme has been organized by a think tank by the name of Autonomy. Furthermore, this organization is running this pilot scheme in association with Northumbria University and Big Local (a charity).
The folks at Autonomy is hoping to sell the idea of UBI for further implementation. Is universal basic income viable? They believe that the introduction of UBI could boost the happiness and mental wellbeing of recipients.
Basic Income Pilot for Care Leavers in Wales
The Welsh are already running a very similar scheme to this. It has been coined the Basic Income Pilot scheme. In this case, what are the universal basic income requirements? This is specifically for orphaned young people leaving care for the first time.
For two years, certain 18-year-olds living in Wales will receive £1,600 every month. There are said to be approximately 500 individuals who fall into this category altogether.
A recipient can take on other paid work whilst still receiving payments. Although, rules state that these same teenagers will not be able to claim any other benefits from the Government while taking part in this pilot scheme. It seems to be working well so far so you could use this as evidence for UBI functioning as well.
Are there any other countries with universal basic income?
What is the history of universal basic income? Do any countries have universal basic income? I know that Scotland has looked into the prospect of UBI.
Does Finland have universal basic income? Going further afield, Finland was one of the first nations to experiment with UBI. What were the effects of universal basic income in this case? Was this a success? This trial ended up having mixed results.
Ultimately, the Finnish government chose to let the trial end without plans for an extension as of yet. This is just one of the examples of universal basic income that I know of. Perhaps in the future, there will be more places with universal basic income.
Why is the UBI pilot program being run in the UK in 2023?
As you may have experienced, life has only been made harder over the last few years. This is partly due to:
- the Covid-19 pandemic
- Brexit
- the current cost of living crisis
Regardless, the UK is still very much one of the richest countries in the world. For this reason, it seems right to offer UBI to British citizens. Over time, this idea has become increasingly appealing to more and more people.
Who would the universal basic income program help?
Is universal basic income a good idea? What are the universal basic income benefits? It would assist so many individuals from different walks of life.
This would particularly help parents with children who have fallen on hard times. Raising kids is expensive and children don’t deserve to suffer if their needs aren’t being fulfilled.
UBI would also help people who can’t currently afford to deposit NICs (national insurance contributions). The same goes for people who are unable to pay into a pension.
A lot of entrepreneurs and small business owners don’t earn much in the way of income in their first few years of operation. Some are even forced to borrow money in order to stay afloat.
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We could even fund universal basic income for artists. Many only have enough money to pay for basics like housing and provisions.
Does everybody actually need UBI?
What are the arguments against universal basic income? There are people who will aggressively state that universal basic income does not work. Some feel that the major flaw of UBI is that it would simply hand over money to people who don’t really require it.
This might be true in some cases. Nonetheless, you kind of have to involve everyone in this in order for it to be considered fair. It might seem a bit biased if UBI was only given to just a select few (even if these people desperately need it more than most).
How does universal basic income reduce poverty?
There are potential merits of a universal basic income. Across the country, millions of families still live in poverty. The success of UBI could be a giant leap forward for them and many others.
Does universal basic income work? A scheme like this would more than likely lift the worst off out of poverty. On paper, I don’t think there are many people out there who would see this as anything but a good thing. This is just one of the benefits of universal basic income.
Equality & Fairness
Looking at the poorest, you might see the established system working against these people. You may even take it a step further and believe that the status quo ensures that they can’t get out of their dire circumstances. Either this or it is almost impossible.
A lot of folks are realizing how oppressive certain power structures can potentially be. Corporate greed and class inequality have been issues for a long time.
What are the advantages of universal basic income? UBI may help create a more equal society. This scheme might not be necessarily that helpful to top earners or even some of the middle class.
Nevertheless, it can make a massive difference to those whose earnings are extremely low. I can certainly see this as one of the positives of universal basic income.
Do the rich really earn their money?
It’s nice to believe in the idea of a meritocracy where we all earn what we truly deserve. This way of thinking generally subscribes to one core concept. The rich deserve to be rich, and the poor deserve to be poor.
Although, this often just doesn’t ring true. I truly admire self made men and women, but there are only so many genuine rags-to-riches stories out there. Some of the wealthiest make and keep their money through unscrupulous methods such as:
- tax evasion and avoidance
- sweatshops and exploited workforces
- offshore bank accounts and tax havens
- inside trading
- political lobbying for their own benefit
- failure of governments to increase the minimum wage in line with inflation
- nepotism
- inherited cash and assets going back several generations
For these reasons, some believe that universal basic income should be everyone’s right.
AI & Universal Basic Income
Are there any other universal basic income disadvantages? You have to think about the effect of artificial intelligence and automation on the workplace. This is especially relevant when it comes to taking over a number of different jobs.
One of the early examples of this was the use of machines for building cars in automobile manufacturing plants and factories. We’ve also witnessed the advent of self driving vehicles replacing some jobs. The accelerating evolution in technology seems to be making the case for universal basic income ever stronger.
Conversely, AI can’t cover all the bases. This raises the question of whether people would actually want to do any of the most menial and unpleasant jobs anymore. For instance, this might include sewage workers or waste disposal teams (if nationwide UBI were to ever become a reality).
Won’t people on UBI just do nothing?
Critics argue that universal income would remove purpose, structure, and routine from people’s lives. Some people believe that not having to work anymore would eventually make people lazy and unambitious.
Is universal basic income socialism? Certain groups associate universal basic income with communism. Those who have problems with universal basic income explain how it might potentially disincentivize individuals from work completely. In my opinion, this isn’t exactly true.
If they want, people still have the freedom to work jobs and make money under UBI. There is nothing stopping them. I personally believe people would become bored with doing nothing. In my estimation, they would instead choose to occupy their time with something constructive as a way of giving back to society.
Some might even use this as an opportunity to turn their hobbies into full time callings in this scenario. Alternatively, maybe a person could spend their days doing charitable acts.
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The Economics of Universal Basic Income System
What is the economic impact of universal basic income? In some regard, UBI may even help the economy, providing business to companies.
It will mean that we will all be capable of spending more disposable income on products and services. Consequently, this will support brands and businesses (both big and small).
Any other negatives of universal basic income? Does universal basic income cause inflation? Opponents of universal basic income believe that it will just drive up prices. Although, it’s hard to see what would actually happen until UBI comes into effect.
Universal Basic Income Research & Analysis
Data will be collected from this trial by think tank researchers. This is done in an attempt to see what kind of impact it has made to participants.
Another separate group (not receiving the aid of UBI) will be monitored too. Autonomy can then eventually compare both parties at the end of the trial. It will ultimately make it easier to see both the similarities and differences this way.
Universal Basic Income vs Welfare
This could potentially lead to a full reform of the UK welfare system. Will universal basic income happen? We may one day see UBI completely replacing universal credit, for example.
The two are similar in some ways so I can see this as a natural progression if an overhaul were to happen. In addition, it could get rid of the shame (that some people feel) attached to the act of claiming benefits.
Will there be an extension of the universal basic income pilot program?
Should there be a universal basic income? Is universal basic income possible? Time will tell. Perhaps the powers that be will examine the results while seeing both the pros and cons of the scheme. The government can then decide if they want to extend this after all the data has been analyzed.
Universal Basic Income Funding in the United Kingdom
What is the cost of universal basic income? Where does the money come from? A full-scale expansion of UBI will be anything but cheap. It will cost millions of pounds every year. Too expensive, some might say.
Of course, this money for this has to come from somewhere. If this ever were to go beyond the trial, universal basic income would likely be funded by the government through taxpayers’ money.
It may involve increasing the tax rate on the top 10% of earners. Charities and philanthropic groups could chip in too.
Is universal basic income coming? Do you support a universal basic income program? There are lots of reasons for and against universal basic income.
Work takes up a big chunk of our time. No matter if you are rich or poor, it would be nice to have a steady stream of income so that we can all live comfortably. Over time, public figures have championed the idea of exploring universal basic income such as:
- Bertrand Russell
- Edward Snowden
- Tim Berners Lee
- Andrew Yang
- Jack Dorsey
- Stephen Hawking
- Elon Musk
- Archbishop Desmond Tutu
- Bill Gates
- Mark Zuckerberg
- Tim Cook
- Richard Branson
- Virginia Woolf
- Neil deGrasse Tyson
It would also mean not having to worry or stress if one is able to work or not. The idea for this sounds simple on paper but people still have mixed views on this subject.
You should definitely keep your eyes open in the future for more UBI trials or similar schemes. If you’re really struggling with money, I would recommend seeking out benefits that you are eligible for.
I’m sure you still have plenty of questions about universal basic income. Additionally, I suggest checking out other universal basic income books and articles.
You can consume more information about the concept of universal basic income by browsing through Bevan Foundation and The Guardian.
How do you think UBI would change society if it were to be brought forward permanently? Do you personally believe that universal basic income is a good or bad idea and explain why?
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