Tag: guaranteed income

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Giving Americans $1,000 per month in taxpayer-funded guaranteed income makes them worse off, says a new three-year, 3000-participant study. The National Bureau of Economic Research’s massive study found recipients and their partners work and earn less, with the negative effect on wages and earnings getting worse over time.
While proponents of universal basic income theorized such programs would improve non-economic metrics for recipients, the study surprisingly showed leisure time only increased as recipients spent less time on sleeping, child care, community engagement, caring for others, and […]

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Millions of Americans struggle to afford basics like food and rent. A new study spearheaded by the CEO of ChatGPT’s parent company shows regular, unconditional cash payments could help.

A three-year study from OpenResearch, a nonprofit research organization backed by OpenAI CEO Sam Altman, examined the effects of a no-strings-attached $1,000-per-month cash transfer on recipients’ health, employment and spending. It’s the latest and largest study of its kind to show how unconditional cash could help lower-income families meet basic needs like food and housing.

“We’re all finding the same results,” said Stacia West , co-founder and director of the University of […]

Full Post at www.usatoday.com

Openai Founder Funded Study On Universal Basic Income For the past eight years, an experimental programme funded by billionaire Sam Altman , co-founder and CEO of OpenAI , has been testing an idea: What would happen if everyone in the world received free money on a regular basis, with no strings attached?

‘Universal basic income’ was one of the first concepts explored by OpenResearch, a laboratory linked to OpenAI, to which Altman has personally contributed tens of millions of dollars in a bid to shape a future he believes will inevitably be disrupted by artificial intelligence. Now, the programme publishes […]

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Basic income programs are not new in Texas, but state officials challenged recent attempts in Harris County to pay low-income households $500 a month.ASSOCIATED PRESS Do guaranteed income programs have a place in Texas?

They’ve been done before. Dallas, Fort Worth, San Antonio and Houston have all operated basic income programs since 2020. But more recent efforts received pushback from state leaders.

Texas Attorney General Ken Paxton filed a lawsuit in April to halt monthly payments of $500 to 1,900 of Harris County’s poorest households, calling the program unconstitutional. As a result, the Texas Supreme Court temporarily blocked the project days […]

Full Post at www.lonestarlive.com

A major study into Universal Basic Income has found the majority of people who were handed no-strings-attached payments worked fewer hours and spent more time on leisure.

In what may be a disappointment to liberals and libertarians who have pushed the concept as a means to address income inequality, the study found that those who received the payment were on average two per cent less likely to be employed.

Those who did have jobs worked on average 1.3 fewer hours per week than those in the control group.The concept of Universal Basic Income (UBI) has been around for centuries and has […]

Full Post at www.telegraph.co.uk

In a highly anticipated study, OpenResearch has released the first set of results from a landmark experiment investigating the effects of guaranteed income on low-income individuals in the United States. The study, funded by notable philanthropists including OpenAI CEO Sam Altman, provided 1,000 participants with $1,000 monthly for three years, with a control group of 2,000 individuals receiving $50 per month, amounting to a rough estimate of $39.6 million for the whole project.

This project aimed to explore how unconditional cash transfers influence various aspects of recipients’ lives, particularly employment outcomes and overall well-being.

The initiative is part of Altman’s extraneous […]

Full Post at thedeepdive.ca

Program gave $1,200 a month to 55 low-income trans residents

July 23, 2024

San Francisco’s basic income program for trans people to end after cuts, conservative lawsuits By Io Yeh GilmanSee original post here. San Francisco’s basic-income program for transgender residents, one of two known guaranteed-income programs catering to queer people in the country, is ending this month after budget cuts and lawsuits from conservative groups alleging the program illegally prioritized Black, Indigenous and Latinx applicants.Since January 2023, the Guaranteed Income for Transgender People (GIFT) program has been giving 55 low-income trans San Franciscans $1,200 a month as […]

Full Post at basicincometoday.com

A recent study on basic income, backed by OpenAI founder Sam Altman, shows that giving low-income people guaranteed paydays with no strings attached can lead to their working slightly less, affording them more leisure time.

The study, which is one of the largest and most comprehensive of its kind, examined the impact of guaranteed income on recipients’ health, spending, employment, ability to relocate and other facets of their lives.

Altman first announced his desire to fund the study in a 2016 blog post on startup accelerator Y Combinator’s site.Some of the questions he set out to answer about how people behave […]

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With a huge $500 monthly stimulus payment program, Chicago is helping its citizens through these hard economic times. Helping people and families that are struggling financially as a result of the epidemic and inflation is the goal of this effort. A direct financial support program for low- and moderate-income households is the goal of the Chicago $500 Stimulus Payment 2024 program.

To reduce the financial constraints that struggling families and individuals must bear in order to make ends meet is the main objective. In addition to tackling long-term economic stability and recovery, the city is also attempting to address […]

Full Post at forthuntherald.com

People had different needs, from diapers to car repairs, funeral costs to surgery, and speeding tickets to professional licenses

A three-year study that looked at what happened when people were given monthly no-strings-attached $1,000 cash payments found that higher-income and low-income earners spent the money very differently, according to a new report by OpenResearch, a nonprofit founded by OpenAI CEO Sam Altman.

The study by the nonprofit OpenResearch found that overall, participants’ financial health improved during the three-year period, "driven by a combination of improvements in self-reported financial well-being, higher savings as a share of income, and greater financial resilience and […]

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