Will There Soon Be Universal Basic Income? (Corona Crisis Makes People Think About It)

The coronavirus pandemic is leading the world economy into recession, but politicians and economists are looking into universal basic income (UBI) as a form of relief, giving people a guaranteed income – no strings attached.

UBI allows those who receive the cash payments to spend them however they want, as the income is not tied to specific needs like housing or food as is the case with welfare benefits. This in return would allow for a boost in spending, which would benefit the struggling economy.

Jack Dorsey, head of Twitter, is putting in one billion dollars’ worth of donations to his charity fund, Start Small LLC, to support coronavirus relief efforts with a focus on UBI and girls’ health and education.

Spain says it plans to introduce UBI as soon as possible. Meanwhile, lawmakers in the United States decided last month to send payments to citizens as part of its two-trillion-dollar stimulus package, guaranteeing cheques of up to 1,200 dollars to most individuals earning up to 75,000 dollars a year, with an additional 500 dollars per child.