Those calling for a government-funded universal basic income are acting as though it’s a hot new idea. It’s not. It’s been tried before—and it didn’t work.
In essence, universal basic income—also known as guaranteed minimum income—provides cash payments to all citizens, regardless of need.
Advocates range from tech billionaires Elon Musk and Mark Zuckerberg to libertarian scholar Charles Murray.Some U.S. cities are trying out the idea themselves. The city of Stockton, California, will begin a privately funded, 18-month pilot program in early 2019. Chicago Mayor Rahm Emanuel also recently announced a task force that will consider implementing it there.The problem? This […]