What is Universal Basic Income?

What is Universal Basic Income?
Photo by Mathieu Stern / Unsplash

Universal basic income is giving everyone a basic salary so that it covers their basic needs like housing and food. The idea is to alleviate poverty and stabilise the socioeconomic status in a country.

This means you don't have to worry about daily needs and whatever you earn extra is going to elevate your life beyond that.

The downside of earning more is you might pay more taxes to help out the rest of society. Then again this is already the case in most countries who provide welfare for their citizens.

Personally I think this is a great idea. There is a lot of creativity locked in people. With UBI you can take the time to work on your interests, hobbies and even start a small business.

Companies might have to be more flexible about how they hire. They might have a mix of full-time, part-time and shift workers. Some companies are already doing this.

If you look at the World Happiness Report, people in nordic countries make less money, pay more taxes but are happy because they have their basic needs met by the government.

UBI is still in it's early stages but if it works out I think it'll help people reach their full potential.

My son wanted me to mention that he watched this video about UBI.

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