On the benefits of basic income.

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In summary, the conversation discusses the concept of basic income and its implementation in the United States. The main issue is determining the amount of money people would receive, with the lower bound estimate being around $750 a month. However, a basic income worth $10,000 a year could be feasible if certain changes were made to the tax system and other welfare programs. The conversation then shifts to discussing the potential benefits of a basic income for those in need, but also acknowledges that the topic moves from economics to politics and opinion.
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Posty McPostface
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I've had many discussions with a friend about basic income and read about it online from reputable news sources. One of the major issues in even having a discussion about the notion of basic income is establishing how much money do people get. I've taken the lower bound estimate based on the amount the US government has already established is enough to get by with based on disability benefits. An American on disability benefits gets around (depending on how much they've already put into Social Security) around $750 a month to live off of. That number varies by state and if you live with your parents or family (which is typically the case for someone on disability) and can go to around $635 due to living with a family member. Now, that is a workable number and not unrealistic as per:

An economy as rich as America’s could afford to pay citizens a basic income worth about $10,000 a year if it began collecting about as much tax as a share of GDP as Germany (35%, as opposed to the current 26%) and replaced all other welfare programmes (including Social Security, or pensions, but not including health care) with the basic-income payment.
Source.

So, moving on from the issue of costs provided the above, what are some benefits that you can imagine that a measly $7,620 a year can provide to the neediest and poor?
 
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Unfortunately,
Posty McPostface said:
So, moving on from the issue of costs ...
also means moving from economics and eventually hard facts to politics, soft facts and opinion.

Thread closed.
 
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What is basic income?

Basic income is a social welfare program that provides a guaranteed amount of money to all citizens, regardless of their income or employment status. This amount is meant to cover basic living expenses such as food, housing, and healthcare.

What are the potential benefits of basic income?

Some potential benefits of basic income include reducing poverty, promoting economic stability, and providing a safety net for individuals during times of economic downturn. It may also allow for greater flexibility in career choices and encourage innovation and entrepreneurship.

How would a basic income be funded?

There are several proposed methods for funding a basic income, including taxation on high-income individuals and corporations, cutting other government programs, and implementing a value-added tax. The specific funding method would depend on the country's economic and political landscape.

Has basic income been implemented anywhere?

Basic income has been piloted in several countries, including Finland, Canada, and Kenya. Results have been mixed, with some studies showing positive effects on poverty reduction and others indicating minimal impact. More research and experimentation are needed to fully understand its potential benefits and drawbacks.

What are some potential criticisms of basic income?

Some critics argue that basic income may lead to a decrease in work motivation and create a dependency on government assistance. There are also concerns about the cost and sustainability of implementing a basic income program. Additionally, there are debates about who should be eligible for basic income and how it would affect different income brackets.

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