Tag: guaranteed income

Sam Altman’s Universal Basic Income Study Reveals Shifts In Spending And Employment

Sam Altman's Universal Basic Income Study Reveals Shifts In Spending And Employment

In a groundbreaking initiative that seeks to understand the impacts of universal basic income (UBI), Sam Altman, the CEO of OpenAI, has been at the forefront of a three-year experiment providing cash to individuals in need. The project has granted $1,000 monthly to thousands of participants across Illinois and Texas, examining how a guaranteed income might reshape lives in an era increasingly influenced by artificial intelligence.

Launched in November 2020, the study included around 3,000 individuals aged 21 to 40 who earn less than $30,000 per year. One-third received $1,000 each month, while a control group was given just $50. […]

Unconditional Cash and Its Effect on Employment

Unconditional Cash and Its Effect on Employment

What’s the impact on employment of giving a large amount of cash to people unconditionally? A new study by Eva Vivalt, Elizabeth Rhodes, Alexander W. Bartik, David E. Broockman, and Sarah Miller looks at this question. The motivation behind the work includes: Much less is known about the impact of unearned income on other significant aspects of the labor market, such as job search, quality of employment, entrepreneurial activities, barriers to employment and disability, human capital formation, and labor market mobility. We also have limited understanding of how income affects other uses of a recipient’s time, or how recipients […]

Study finds that guaranteed income to low-income individuals does not improve physical or mental health

Study finds that guaranteed income to low-income individuals does not improve physical or mental health

Research r/Economics – Study finds that guaranteed income to low-income individuals does not improve physical or mental health nber.org

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AutoModerator • 7h ago [deleted]• 7h ago Comment removed by moderator adamant2009 • 7h ago This is a working paper, which if I’m not mistaken means it hasn’t been peer-reviewed. This paper suggests the opposite, in regards to mental health. https://journals.plos.org/plosmedicine/article?id=10.1371/journal.pmed.1004358 0-Snap • 7h ago That paper uses a computer model to simulate outcomes based on survey data. That’s very different from running an experiment that actually gives people money and records the results. EconomistPunter • 7h […]

Artificial intelligence isn’t a good argument for basic income

Artificial intelligence isn’t a good argument for basic income

We’re flooded by guaranteed income pilot experiments that offer some promising results, but don’t seem to be moving us any closer to actual federal policy. Yet findings published today from the largest randomized basic income experiment in the US to date, backed by Sam Altman and OpenAI, should get your notice.

The study, held from November 2020 through October 2023, gave 1,000 recipients $1,000 per month, no strings attached. It’s one of the biggest and longest trials ever run on direct cash giving. Many other basic income pilots have given people $500 or less, and rarely for more than a […]

Artificial intelligence isn’t a good argument for basic income

Artificial intelligence isn’t a good argument for basic income

We’re flooded by guaranteed income pilot experiments that offer some promising results, but don’t seem to be moving us any closer to actual federal policy. Yet findings published today from the largest randomized basic income experiment in the US to date, backed by Sam Altman and OpenAI, should get your notice.

The study, held from November 2020 through October 2023, gave 1,000 recipients $1,000 per month, no strings attached. It’s one of the biggest and longest trials ever run on direct cash giving. Many other basic income pilots have given people $500 or less, and rarely for more than a […]

AI, Guaranteed Income, and the “Which Way Is Up?” Problem Afflicting Our Elites

July 22, 2024 by Dean Baker

Leading media outlets like The New York Times, The Atlantic, and The New Yorker have about as much concern for intellectual consistency as TikTok videos. In very serious and somber tones they will warn the rest of us about a major problem and then in the next issue, or the next article, present a story that is 180 degrees at odds without ever realizing the contradiction.

My favorite example of this “Which way is up?” problem is the simultaneous concern expressed that AI will eliminate all the jobs and that declining birth rates will […]

Sam Altman’s basic-income study is out. Here’s what it found.

Sam Altman's basic-income study is out. Here's what it found.

Getty Images; Jenny Chang-Rodriguez/BI The results of OpenAI CEO Sam Altman’s guaranteed-basic-income study are in.

Overall spending increased, but most of the extra cash went to food and rent.

Recipients experienced decreased financial stress, but that faded over time, the study found. The results are in for Sam Altman’s much-anticipated basic-income study, one of the largest of its kind. The experiment gave low-income participants $1,000 a month for three years, no strings attached.Recipients put the bulk of their extra spending toward basic needs such as rent, transportation, and food, the study found. They also worked less on average but […]

As new tech threatens jobs, Silicon Valley promotes no-strings cash aid

As new tech threatens jobs, Silicon Valley promotes no-strings cash aid

Many tech entrepreneurs have long suggested that guaranteed income could cushion job losses from artificial intelligence and automation. The latest and largest study of the idea was spearheaded by Sam Altman, the man behind ChatGPT. Michael Dwyer/AP

The rise of artificial intelligence has stoked fears that such technological advances will wipe out millions of jobs. Silicon Valley entrepreneurs have thought about that too, and they’ve long pushed an idea to soften the blow: cash aid from the government, no strings attached.

Now, the first results are out from the latest and largest study on the impacts of free money — […]

Chicago Guaranteed Basic Income: Find out How to Receive a $500 Monthly Stimulus Payment in Chicago

Chicago Guaranteed Basic Income: Find out How to Receive a $500 Monthly Stimulus Payment in Chicago

Source: Tododisca Chicago Guaranteed Basic Income is going to be implemented with a $500 stimulus program that will run for a whole year to help people get out of poverty and find some relief during these tough economic times after COVID-19 and inflation.

At the beginning of this year, Mayor Brandon Johnson of Chicago announced that a program that would give low-income families in the city $500 every month would get an extra $32 million.

What Is the Social Security Spousal Rule and How Can You Maximize Benefits? Here is a Guide Spending needs to be done quickly so that […]

New $1000 Guaranteed Income Program Payment Date July 2024, Check Eligibility

New $1000 Guaranteed Income Program Payment Date July 2024, Check Eligibility

There has been a rumor that the US citizens will be given the New $1000 Guaranteed Income Program Payment 2024 and the citizens are believing that they will be provided with such a benefit. Though this GIP Payment is not true, still we will guide you about the complete details on this program. The Americans are no longer provided with the Stimulus Check benefits so they are expecting the New $1000 Guaranteed Income Program Payment Date July 2024 but we will not confirm you any of the payment till the time there has been no actual announcement. The individuals […]