AI is coming and so is UBI (Universal Basic Income)
Hi WA Family,
These days there is so much talk about AI that another coming event has been less mentioned.
And that is UBI - Universal Basic Income.
Like AI, it is not new.
World organizations (like WEF and IMF) and governments have been talking about it since years ago.
Even Elon Musk talked about it.
In a conference, he mentioned that it is inevitable - https://youtu.be/e6HPdNBicM8.
He said that at the World Government Summit 6 years ago.
What is UBI?
It is a ""A basic income is an income unconditionally granted to all on an individual basis, without means test or work requirement" - src: basicincome.org
Check out this tweet by Scott Santens - https://twitter.com/scottsantens/status/1040683616488103936
The Tweet has a link to a Reddit community that gathered research and information about UBI.
In the studies, it has been shown that UBI has many benefits such as:
• Eliminates the "unemployment trap".
• Reduces government bureaucracy.
• Clarifies the tax code.
• Exemplifies and emphasizes single-class policymaking.
• Greatly reduces fraud/waste/abuse.
• Guarantees a minimum living standard.
• Increases bargaining power for workers. .
• Lowers need for government regulations on the labor market.
• Deters undocumented immigration.
• Reduces Gentrification.
• Reduces the gender "pay gap."
• Improves mental health and security.
• Increases physical health.
• Stabilizes costs over time.
• Simplifies implementation of progressive taxation.
• Deals better with widespread unemployment.
• Redistributes money from capital to labor.
• Increases number of small businesses.
• Increases charitable work and academic research.
• Increases number of people in jobs they enjoy.
• Gives financial independence to all adults.
• Prevents generational theft.
• Reduces the intensity of certain perverse economic incentives.
• Leverages the multiplier effect.
(more details in the link above)
Also, many countries have already done trials on UBI, such as USA, UK, Australia, Singapore, China, South Korea, etc.
Just Google and you will see.
From the trials, they found the following:
There's so much more about UBI.
And, besides AI, there is also a connection to CBDC.
I won't bore you with all that.
If you feel inclined, Google about it. Or watch YouTube videos about it. I
Tim
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Recent Comments
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If there aren't adequate jobs, then this approach may be required. I could see AI eliminating a great deal of jobs, but also creating new jobs. The disparity, time will tell as we don't know that just yet, but if it is much less jobs created than lost than there is going to need to be some sort of action.
I am hopeful we won't need to go there, but I am unsure at this point as I see many "informational" jobs, which are most, potentially being at risk as AI is going to be able to accomplish their tasks with ease. But at the same time, we as people are going to be able to solve much greater problems moving forward. :)
Not to forget manual and menial jobs, Kyle.
These can be done easily too by AI, automation and robots.
Already, in Singapore, we have robot baristas.
And yes, moving forward, that is the plan.
To deal with bigger issues.
Sounds better than communism, you do not work and yet receive income even though it is minimal. Perfect.
I was born and raised in a communist country so I am sure this has no future. I will gladly accept minimum to avoid working anything. I am lazy by nature, and convinced that this holds for most of people. So I shall be happy to stay in the queue for free income, no matter how small. But somebody still must work, otherwise society cannot sustain itself.
That's where AI, automation and robots come in.
They do the menial work that many of us find meaningless.
As you 'laze' around, you may find yourself doing something.
It can be the arts, singing, or simply being you.
That, itself, is also a way to contribute to a society like this.
I know, such stuff has been in sci-fi novels for a long time. When I was a student, this was my favorite topic. AI will indeed change a lot, hard to predict in which way. One way or another, it is here to stay, things are changing very fast.
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Hey Timotheus, Here's the UK's approach.
A group of people will be given a monthly payment that isn't means tested or tied to work, with researchers exploring what difference it makes to their lives. Thirty people in England will be given £1,600 a month - no strings attached - in the country's first trial of a universal basic income (UBI).
https://www.theguardian.com/society/2023/jun/04/universal-basic-income-of-1600-pounds-a-month-to-be-trialled-in-england
Have a great day,
Brian.
Thanks Brian 😊🙏
You`re welcome.