As the coronavirus pandemic hits hard, jobs are getting curtailed. People are sinking to unemployment. The economic crisis will take some time to overcome. Jack Dorsey, popularly known as the CEO of Twitter has come up with a radical plan. He has proposed $3 Million for the Basic Universal Income Project.
Okay, what is a Basic Universal Income and why should we care?
As the definition goes, Universal Basic Income(UBI) is a guaranteed and recurring payment. This is for every member of the society. It is for the sake of meeting basic needs. This solves the problem of people who do not have enough to live by. This can give people an income floor.
As a result, people will be ousted from hardline poverty. Thus the basic human rights of every human being will be met. It is true that some people in the society are acquiring more wealth day by day. Others are subjected to inflation and can’t get by the daily life costs.
Did any country ever apply it?
As of July 14, 2020 no country has applied UBI. There were some small scale projects though. Surprisingly, Mongolia and Iran share the credit of applying UBI for a short period.
However, a lot of notable countries have proposed UBI.
First investor of Universal Basic Income
So, Jack Dorsey becomes the first investor to invest in this project. The project is being piloted by 16 US city mayors.
Jack Dorsey stated “one tool to close the wealth and income gap”.
The idea of this project is to provide every individual with cash payment. This will be in regular intervals. Nevertheless, it is not necessary for the person to work or qualify for it.
Stockton Mayor Michael Tubbs initiated the project. He wanted it to become a national programme. He is a 29 year old mayor who has been experimenting with giving $500 to 125 residents from 2018.
Jack Dorsey has a net worth of $7.5 Billion. He wants to invest for the project from his non profit.
How long has this idea been around?
The idea of UBI could be traced back to the 16th century. In conclusion, American leaders such as Thomas Payne and Martin Luther King Jr. have also talked about it.
Author: Farhan Sadeed