ISSN 2348-3156 (Print) International Journal of Social Science and Humanities Research ISSN 2348-3164 (online) Vol. 10, Issue 4, pp: (189-195), Month: October - December 2022, Available at: www.researchpublish.com
Universal Basic Income and its Feasibility of Closing the Wealth Gap in the United States Chloe Mun Irvine, California DOI: https://doi.org/10.5281/zenodo.7198867
Published Date: 13-October-2022
Abstract: Universal basic income is a government program that provides every adult citizen a guaranteed set amount of money on a regular basis. UBI was first introduced by Thomas Paine, but gained media attraction during COVID19 as a possible solution to the increasing poverty rate and to replace pre-existing social welfare programs that are in need of greater bureaucratic involvement. During his 2020 presidential campaign, former Democratic candidate Andrew Yang utilized UBI as the cornerstone of his campaign and claimed that the Freedom Dividend would provide money for citizens to cover basic necessities, leading to a division of opinions. Supporters of UBI believe that a guaranteed payment from the government could support individuals throughout economic transformations and individuals who have difficulties being qualified for other governmental programs. Those that oppose UBI believe that the program is unrealistic and would result in shrinking the size of other social programs, which many believed was unnecessary. It is strongly believed, however, that the implementation of UBI as a new policy would compensate individuals suffering within the United States’ broken welfare system and a new wave of automation. Overall, promoting the idea that Universal Basic Income is a likely solution to the feasibility of closing the wealth gap in the United States. Keywords: UBI, universal basic income, welfare, economy, sociopolitics, government, money.
I. INTRODUCTION The Declaration of Independence guarantees that every American citizen is to be provided with unalienable rights that revolve around Life, Liberty, and the Pursuit of Happiness. So if there were to be a concept that satisfies all three requirements, why not enforce it? Universal Basic Income is a sociopolitical financial transfer concept that provides all citizens of a given population to receive a legally stipulated and equal financial grant paid by the government, monthly. Due to the ongoing pandemic, there have been changes made whether it is considered to be a negative or positive occurrence. Either way, some changes have made a lasting effect that is unable to be revived. One of the most significant damages caused was the loss of jobs, the increase in poverty, and the growing concerns of whether or not things will be considered normal once more. In an attempt to resolve some of the more urgent obstacles being faced, Universal Basic Income is a possible solution that may be able to reverse the damages made and allow individuals all around the world to live in a stabilized environment. Throughout this research paper, there will be thorough explanations about Universal Basic Income and specific reasons why the policy is beneficial to the majority. Starting from the timeline to the tax rate of the top 1%, the research paper will provide a guideline that motivates the audience to acknowledge UBI as a possible solution to present and future problems.
II. UBI TIMELINE In recent years, UBI went from being known as a utopian proposal to a policy that has gained considerable momentum in many countries. As of now, UBI experiments have been conducted in both developed and developing countries, such as Kenya, Finland, Namibia, India, and Canada1. Though the United States did mention similar variants of UBI during the early second half of the twentieth century, the concept was not highlighted as much in subsequent decades. However, the pandemic has brought a noticeable urgency to the topic, as unemployment and financial hardship spread across the globe, while numerous jobs are being replaced by the wave of automation 2.
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