Universal Basic Income Explained

Epoch Times

It sounds great on the surface. Three beautiful and important words. Universal. Basic. Income. Taken together, they sound even better. So what’s not to like about it?

The problem with this supposedly “new” concept of the state helping people out for the greater good is that there’s nothing new about it. Depending on how it’s implemented, you get to pick from three not-so-beautiful words or systems: outright communism, socialism, or crony capitalism.

The supposed goal behind universal basic income (UBI) is to help displaced workers who can’t keep up with labor market developments, mostly automation and immigration, or otherwise disenfranchised people.

The supposed solution is for the state to pay everyone a monthly or yearly income, so they don’t have to worry about competition or the changing labor market and technological environment.

Because even “the rich” will get the same amount, it’s not unfair, it’s not redistribution, and it’s not socialism.

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