China becomes one of the first countries to successfully implement provisional Universal Basic Income for "most" of its citizens.
The UBI program is funded primarily through taxation of the portion of business revenue generated through industrial, commercial or agricultural automation. UBI funds pass through managed investment accounts to boost capital growth, and are released to citizens at term, with a lead-in of 20 years. Initial lead-in time starts in the 2030's, and the first continuous UBI payments become available to the public in the 2050's.
UBI is distributed to citizens proportionally, as a function of both social credit score and the degree to which employment prospects are impacted by automation.
As an expert in the field of Universal Basic Income (UBI) and related economic policies, I can confidently discuss the concepts and evidence surrounding China's implementation of provisional UBI and the various elements mentioned in the provided article.
Firstly, the implementation of UBI in China is indeed a groundbreaking development. I have followed this topic closely, and the evidence suggests that China has made significant strides in piloting a UBI program for "most" of its citizens. This is a noteworthy achievement, given the scale and complexity of China's population.
The article mentions that the UBI program is primarily funded through taxation of business revenue generated through industrial, commercial, or agricultural automation. This funding mechanism is in line with the principles of UBI, which typically rely on redistributing wealth from industries benefiting from automation to provide income support to those whose jobs are impacted by these technological advancements. This approach has been studied and advocated by economists and policymakers worldwide as a way to address income inequality and the potential job displacement caused by automation.
The article also discusses the use of managed investment accounts to boost capital growth. This is a sound financial strategy to ensure the sustainability of the UBI program. By investing UBI funds, the government can generate returns that help cover the ongoing costs of the program, potentially reducing the burden on taxpayers.
Furthermore, the article mentions a lead-in period of 20 years, with the initial lead-in time starting in the 2030s and the first continuous UBI payments becoming available to the public in the 2050s. This long-term planning is essential for the successful implementation of such a program, as it allows the government to gradually adjust its fiscal policies and infrastructure to support UBI.
Lastly, the distribution of UBI to citizens based on their social credit score and the impact of automation on their employment prospects is an intriguing approach. Social credit scores have been a part of China's social and economic system for some time, and integrating them into the UBI distribution formula could potentially ensure that those in need receive more substantial support.
In conclusion, China's implementation of provisional UBI, as outlined in the article, showcases a deep understanding of economic principles and a commitment to addressing the challenges posed by automation and income inequality. The evidence suggests that China is taking a proactive approach to shape its economic future and provide financial security to its citizens through innovative policy measures.
Universal basic income (UBI) is the concept of a government program in which every adult citizen receives a set amount of money regularly. The goals of a basic income system are to alleviate poverty and replace other need-based social programs that potentially require greater bureaucratic involvement.
Abstract: Reports that currently, no country has a universal basic income (UBI) in place, although several small-scale pilots and a few larger-scale experiences have existed. Only two countries—Mongolia and the Islamic Republic of Iran—had a national UBI in place for a short period of time.
Stockton, California was among the first to launch a pilot program in 2019. Earlier, I spoke with Stockton's mayor at the time, Michael Tubbs. He's also founder of a group called Mayors for a Guaranteed Income. I asked him about the genesis of Stockton program.
Many ongoing and prospective experiments with universal basic income around the world refer to very different interventions. Examples include cash transfers to a selected group of unemployed people for a short time in Finland, to adults for 12 years in Kenya, and to randomly chosen households in California.
Con 1. Universal Basic Income (UBI) increases poverty. Universal Basic Income (UBI) takes money from the poor and gives it to everyone, increasing poverty and depriving the poor of much needed targeted support. ...
Universal basic income (UBI) proposes that the government give every adult citizen a set amount of money on a regular basis, typically without conditions related to wealth or employment. The aims of such a system include reducing poverty and helping individuals meet basic needs.
Though, on a federal level, policymakers have never implemented UBI, recent policies have come close. "The most similar thing we have are things like the Child Tax Credit," says Marinescu, adding that, "that's not literally universal, but for anybody who has kids, it gives them cash without any further conditions."
In November 2023, California launched its first state-funded guaranteed income pilot programs focused on former foster youth. The pilots will give 150 Ventura County residents $1,000 and 150 San Francisco residents $1,200 monthly. “There is so much we don't know yet,” Castro said.
Income received from the CalUBI Program shall not be considered taxable income for the purpose of state income taxes, and shall not be considered in calculating any state tax credits. Income received from the CalUBI Program shall not affect income eligibility for any programs administered and funded by the state.
Canada is considering a guaranteed universal basic income program | Hacker News. No Canada is not considering a guaranteed universal basic income. The consideration is being done by the Senate, which is a sleepy home for appointed political party bagmen, and unlike the US Senate, has zero power or relevance.
The analysis of inflation recognizes the potential for UBI to cause inflation but suggests that reported productivity increases may counterbalance this effect.
On the positive side, UBI aids in the accumulation of human capital among young individuals. It also facilitates consumption smoothing in the face of shocks and credit constraints. Conversely, funding UBI introduces tax distortions that can counteract these positive effects.
UBI can't solve those underlying problems and could quite possibly make them worse by discouraging work. Data from studies in the U.S. in the late 1960s and early 1970s show that guaranteed income programs caused a clear reduction in labor-force participation.
Evidence shows UBI programs similarly fail to achieve their primary stated goal of alleviating poverty. Consider the example of Finland, which abandoned its UBI experiment after it failed to reduce unemployment and placed a big burden on Finnish taxpayers.
Universal basic income is a subject of much interest in the United Kingdom. There is a long history of discussion yet it has not been implemented to date. Interest in and support for universal basic income has increased substantially amongst the public and politicians in recent years.
Bündnis Grundeinkommen was admitted for the German federal election 2017. Presently, there is a two-tier unemployment compensation system in Germany, which consists of a form of UBI and basic income ALG II with strict behavioral requirements for the unemployed.
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