Proposals for universal basic income (UBI) programs—rightly understood as unconditional equal transfer payments to all—have been gaining political traction and capturing the popular imagination recently. New York entrepreneur and dark horse Democratic primary candidate Andrew Yang has made a $1,000 per month UBI proposal the central plank of his campaign. Silicon Valley entrepreneurs like UBI plans because they see them as facilitating disruptive innovations involving automation that may put many people, at least temporarily, out of work. McKinsey forecasts that between 75 million and 375 million workers globally and between 16 and 54 million in the United States will […]
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