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How Universal Basic Income Can Solve Today's Economic Problems

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Many people have suffered from financial and economic problems throughout the globe. The idea of a universal basic income (UBI) has sparked this trend. The magazine is known throughout the world. The UBI is an actual cash payment for all people (2016), the economist states. Indeed, the idea behind the UBI is quite old. According to the report by James Surowiecki, The Case for Free Money, the Canadian province of Manitoba had a similar experiment to the UBI in the mid-1970s by providing money to people (2016). Some people, on the one hand, suggest that the UBI should be in place, as it would have many positive effects on society. Others argue, on the other hand, that the UBI has potential risks and will bring social chaos. My view of the UBI is very positive. I believe UBI will solve many of today’s economic problems.

The UBI will help people maintain a decent living standard. Based on Surowiecki’s article, It would strengthen workers’ rights as a safety net by questioning their employers when they considered their working conditions unequal or harmful, and people used it to improve their job choices in education. On the other hand, The UBI will help each of us decide more flexibly, unlike the other welfare programs. It would eliminate all the unwanted movement of government that affects the welfare state, making it less complicated, thus making it more equal and freer. Besides, the UBI would contribute to fewer working hours and a better distribution of jobs. Therefore, People could spend more time doing other things that they think are important. McAfee’s lecture in the TED talk mentioned, the UBI gives us the chance to imagine an entirely different kind of society. A society where the creators and the discovers and the performers and the innovators come together with their financiers to talk about issues, entertain, enlighten, and provoke each other.’ I am therefore satisfied that the UBI is an excellent tool for the United States to go a step further than other countries.

However, others argue that UBI will make people lazy in their workplaces. They fear that the detrimental use of the resources will lose much of the unconditional cash. Firstly, according to Megan McArdle’s article. Four Reasons a Guaranteed Income will not Work. Eventually, people will not work because they receive free cash from the government. (2013) However, Evelyn Forget, an economist at the University of Manitoba, found out from the experiment held in Canada that impact on work rates had barely dropped at all and reduced their work hours (2005). Additionally, by reducing hours, job opportunities for those currently excluded from the labor market will increase. It will boost efficiency and productivity. Secondly, Surowiecki presents one result of the experiment held in the US in the seventies. Young people with basic income were more likely to stay at school. For example, in New Jersey, high school graduation increased by 25%. In other words, people probably won’t waste their money.

The UBI could not only reduce unemployment and increase productivity but at the same time, fix the current situation. With the UBI, the unemployed would be able to earn the opportunity to have a job. There are different views on the UBI. It ‘sits true. However, after it has been enacted, the UBI will become an uncontroversial issue, just as Surowiecki mentioned in his article as an example of how guaranteed health care for seniors has overcome the controversy. 

Technology is evolving day by day, and robots would eventually replace the work that people have done. We need to prepare for automation in the workplace. The UBI will be a great solution to improve the skills of the worker’s sector so that more specialized jobs can be accomplished. Everybody will feel necessary as time goes by, and the UBI will lead to a more productive and flourishing soviet.

References

  • Chambers, C. (2019). News- Comment. Money & Markets: Finance – Universal Basic Income: not so revolutionary. Engineering & Technology, 14(4), 14–14. doi: 10.1049/et.2019.0418y.
  • TED. (2013, June 20). What will future jobs look like? | Andrew McAfee. Retrieved from https://www.youtube.com/watch?v=cXQrbxD9_Ng.
  • “Four Reasons a Guaranteed Income Won’t Work.” Four Reasons a Guaranteed Income Won’t Work, 2013, doi:10.9737/hist.2018.658.

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How Universal Basic Income Can Solve Today’s Economic Problems. (2021, October 25). GradesFixer. Retrieved November 28, 2021, from https://gradesfixer.com/free-essay-examples/how-universal-basic-income-can-solve-todays-economic-problems/
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