Image credit: bioraven, Shutterstock Andrew Yang, one of the many politicians contending for the 2020 Democratic nomination for President, advocates a universal basic income (UBI). Under his proposal , which he calls the “Freedom Dividend,” the U.S. government would pay $1,000 a month to every American adult. There are two major problems with a UBI. First, it would dramatically expand the size of the federal government and, thus, require more than a 70 percent increase in federal taxes. Second, it would dramatically reduce the incentive to work, not for people already on welfare but for millions and possibly tens […]
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