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Universal Basic Income

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Submitted By tanyavee160
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Citizen’s dividends, unconditional monthly grants, or free money to everyone. This is what a universal basic income (UBI) has been called in other names. The notion of a universal basic income has been literally everywhere for a very long period, at least since the aftermath of the world war I. A UBI is an income given without any strings attached to every adult and child (or in some version, only citizens) to provide at least an adequate level of resources. A basic income guarantees each citizen an income sufficient to meet his or her basic needs. The money would be given even regardless of whether the recipients are in the jobs or not. Strikingly for UBI, it is not mean-testing benefits, meaning that no family stuck in poverty traps where benefit withdrawal erodes any increase in earning. Yet, there are many critics of a universal basic income, the most common one is the cost objection. It argues that the cost of providing everyone with an adequate income floor, beneath which no one would fall us out of reach for governments and public finance. Other critics pointed out at some deficiencies that the incentives for people to work would be somewhat eliminated. Yet, what many critics seem to not recognize is that many objections is usually based on inadequate and misleading information, and that the current system of welfare is being implemented obsoletely and ineffectively. In this paper, first, I will demonstrate reasons why the idea of a universal basic income, in terms of feasibility, is financially feasible to be implemented, especially in developed nations. Second, why by doing so would provide more benefits to the people when compare to the currently obsolete and complex system of welfare. And third, the argument that a universal basic could be a disincentive to people working untrue and thus turned out to be misleading. Instead, the basic income will be the

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