Universal Basic Income (UBI)

The idea of Universal Basic Income (UBI) might seem novel, but in 1795 Thomas Paine suggested a “national fund” to pay every adult “rich and poor” £10 a year until the age of 50. He said, “Earth is common property, so everyone collectively dispossessed by the system of property ownership was entitled to compensation. Supporting that idea was Dr Neil Howard, a researcher at the University of Bath, who said, “UBI would provide a safety net and like Thomas Paine believed that a redistribution of privatized resources was inherently just. “The wealth of humanity belongs to all of us,” says Howard. “It has been appropriated by the few and that leads others to struggle unnecessarily. Paine’s essay “Agrarian Justice” proposed concrete reforms to abolish poverty. His Universal Social Insurance System (USIS) contained old-age pensions and disability support funded by a 10% inheritance tax. He summarized this view by stating that "Men did not make the earth, but it’s the value of improvements only that is the individual property. Every proprietor owes to the community a ground rent for the land which he holds."

 

After the Industrial Revolution public awareness and support increased for UBI. Several discussions gained ground regarding basic income, automation of the human workforce, and questions about the necessity of work. A key issue in these debates was whether automation and AI would significantly reduce the number of jobs and whether a basic income could help everyone to benefit from society's wealth. As artificial intelligence (AI) learns and uses our knowledge to shift the workforce, the idea of UBI becomes highly possible. Elon Musk said, “We are seeing the most disruptive force in our history. There will come a point where no job is needed and AI will do everything.” AI companies will have no salaries to pay because there will be no humans in the loop. The profits/dividends could be given to people in the form of UBI payments, ensuring that everyone has financial security.

 

https://www.theguardian.com/society/article/2024/jul/14/money-for-nothing-is-universal-basic-income-about-to-transform-society

https://en.wikipedia.org/wiki/Universal_basic_income