UBI
A two-hour drive from the tech-fueled riches of San Francisco, Stockton, Calif., is a completely different world from its Silicon Valley neighbor. But the small city is taking a big bet to try to fix its lagging economy with a strategy that many of the tech elite have been largely only pontificating about: universal basic income, or cash handouts.
In 2013, Stockton became the most populous city in the United States to enter bankruptcy. The city of 300,000 was toppled when the housing bubble burst, its basic operating expenses dependent on developer fees and increasing property tax revenue that […]
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