What is universal basic income? | CNBC Explains 

Universal basic income will be very much beneficial for humankind...especially for those under extreme poverty

3:20 "Getting paid not to work" ... that's not how universal basic income works. People get free money REGARDLESS if they work or don't work. People get paid more if they work. Working does not take away the free money. It is like the zero point energy. There is no such thing as zero energy.

Wow, CNBC showing a reasonably good clip about Basic Income! Amazing!

IT IS NOT FREE! Someone is paying into the system first because the money doesn't just appear in the government accounts.

Good channel. i’m feeling smarter right now

It would be stupid to call this explanation sufficient. It could be done a lot better to implement a UBI. First it´s not on top of all prices because this would drive income and tax to a new higher equlibrium. It could in that sense also be thought as substitutive in it´s introduction, but once in place you can never lose it. Second it should be high enough to be free from the employment trap and from the unemployment trap. Third it should be truly universal, that everybody gets it no matter what. This would enable people to do the work they consider to be done and quit bullshitty jobs. Think of UBI as an income you can always count on #countonbasicincome

"ThE MoNeY DoEsNt CoMe FrOm NoWheRe" yeah no shit Sherlock, the reason its gaining traction is that you can tax the automation that replaces human jobs at a much higher rate since robots don't need money for housing, food, etc...

Won't universal basic income only drive up prices. So the $100 of yesterday becomes the $1000 of today?

3:30 mins talking about UBI and 1 minute to fail to explain how the government could afford to give money to population

WE NEED UNIVERSAL BASIC INCOME!!!

Such a great thing to know about government and basic income. Are you able to go to Serbia and make a video about Serbian income? monthly salary is around 300 euros believe or not. Guess how they are able to survive with that???

Then intro is quite off. That’s not how UBI works at all. It’s not whoever wants it. It’s for everyone.

Take the money out of Tax Havens to pay for it.

Important clarification: Some Libertarians, like Milton Friedman, only favor the Basic Income as a more efficient and simple substitute for the welfare state. Generally, Libertarians are against basic income. They are simply saying, if there is to be a welfare state, basic income would be a better way to do it.

AI : "Allow me to introduce myself "

Here's an idea: identify people who owns more than $ 3000 in their asset. Then, give them 1 year. If their asset never reduced by that number, they gonna give 2.5% of their total asset to the poor. If sometimes their asset became less than $ 3000, then the 1-year-count-down will stop. Whenever they asset exceed $ 3000 benchmark, the 1-year-count-down is started.. Who's the poor? They are people whose not able to afford their basic needs by their current income. How much money to give them? The amount that is sufficient to make them survive the entire year (with the basic need).

I'm Kenyan.. Trust me,We have no universal basic income program going on that I know of.. Not even as an experiment Where did you find that?

UBI makes sense but it must come with a rule that the recipient must spend the received money fairly quickly. Since one is getting the money regularly, say monthly, they don't have to "save for rainy days" as next month they are getting the money again. If one is receiving the money and keeping them in the bank or at home, this doesn't help generate more money and more tax for the government and the government will very quickly run out of cash to distribute, so spending it is a key.

Here’s the issue, basic income would only work if it actually covers basic necessary costs and the money is a put towards where it’s supposed to go. Basic income should cover what rent would be for a one bedroom apartment, groceries, Internet, cell phone and, hygiene. - that’s basic income and it would vary based on where you live. I wouldn’t be opposed to the money going straight to the bills and not put in the hands of people who may abuse it. The person receiving the “basic income” should still be eligible for the benefit a year after they are employed IF they obtain a job that is less than the average yearly income in their area with a max of two years for the benefit... something like this would level the field and give opportunity to people who never had it. Being able to obtain employment without penalty aka save earned income for a year while receiving true basic income would give recipients the opportunity to become home owners and permanently break generational poverty... this would save the government way more money in the long run and boost our economy.

Nice video 👌👍

It isn't free though, it is basically just a tax return.

UBI Is our future! :)

We need to improve our language. Jobs accomplish three things - provide industry with labour, provide employment and distribute wealth. Employment should not be synonymous to work. Work and recreation are attitudes towards employment. AI is eliminating the industrial need for labor. UBI can address the distribution of wealth. Besides these two, there is still the need to employ every able body and mind in a socially acceptable occupation. Such occupation should be encouraged by supplemental income.

Nice video...

Americans talking about basic social security like it’s a revolutionary outlandish idea is so sad to watch

2:16 an estimated millions of people

Love Elizabeth ❤️

Some form of UBI is needed for sure, but one of the biggest problems is the high costs of living, so for Ubi to be effective, it would have to be at least $1500 per month, thus making UBI absolutely un- affordable, so I seriously doubt we will see this anytime soon! Over the years prices have soared thanks to corporate greed, general greed, corruption, bad government policies, etc. We have seen a world that is over-populated, and the more we talked about "ending poverty" the more we have created it !! And right now, we are in such a mess, that there may be no way out anytime soon.

Id rather give Universal basic income than give poverty. Tax automation and all transactions with a small vat etc. So it pays towards this. Bingo!

I have a question... If everyone gets a basic income, wouldn't that make the price of everything to rise? Then we're back to square 1 where if you don't have an extra income, you can't access to anything.

Free money? Silly rabbit, in America we get a credit card ( EBT card) , it has unlimited funds paid for by the working tax payers.

When you go to the store, you pay taxes. Currently, depending on the type of consumption, 35% to 60% of the money returns to the budget in this way. So when someone gets 600 Euro UBI it costs 50% less in real terms. By the way, the person who spends the money creates the demand.

In developing and underdeveloped economies it should be planned in some areas like consession on electricity consession on medicine, gas bill, water bill or even free mobile recharge or else it will end up in consumption of alcohol or tabacco product

Very informative. Much Blessings to you. Thanks for sharing, Lord-Jesus-Christ dot

Just get the respective national banks like the bank of England or the fed to print more money, like they did to bail out the failed banks with Quantitative Easing.

"If you divided all the world's money out equally sooner or later we'd back to exactly where we are now." A famous person

In England you can claim over 2000 pounds a month on our welfare system. To be given 1000 would mean poverty and starvation for many. The cost of living is becoming ridiculous.

Lol. No strings attached? Everything has its cost. As long as you are an obedient lap dog, you get the money.

Increasing spending is always a good thing for the economy. That's what businesses need to grow and sustain.

This is concept now introduced in india....at sikkim STATE

Why don't we just cut taxes? Even for people working and trying to make ends meet after 70 hour weeks could do way better with less income tax. I already give 1/3 of my pay to the government. Why not just cut that down? The government's blow so much of our money as it is. I would rather have more of my own hard earned money than trusting the government with it. I'll invest it in myself that way instead of this idea.

Unemployment gives that much in a week. So, is it in addition to the unemployment benefits and any other benefits for low income people. Giving only $650 per month to people would not discourage people it would encourage people because they would be homeless

As we move into the future, technological unemployment is going to make this a reality.

There is online petition for european ubi, need 1 million people end on 25 june

"woke" people: robots will destroy our lives!!!! PC and smartphone: are we a joke to you?

Terrible idea for the US. Already can see people abusing the hell out of this. Probably will do nothing for the homeless problem as most of those people don’t know how to control spending. It’ll just raise inflation more annually, (more money put in means actual value of each dollar is worth less). Money also has to come from somewhere (i.e. more taxes). Better off reallocating current money into directly solving issues like housing, medical, and education.

In the 2020's, autonomous vehicles, solar power and cheaper batteries will eliminate not only the driving jobs but the whole of the internal combustion industry, and many other related jobs. Millions of people will become permanently unemployed. If not UBI, what do you propose we do, throw those people under the bus?? Furthermore, UBI is not communism. It is capitalism. It's called return on capital. The people provided the infrastructure and important innovations/inventions to mega corporations. It's only capitalistic to want the owed return on investment.

It may work instead of government subsidies for housing, child care, higher education and food which only drive prices up and create bureaucratic costs

I say start with 50 dollars. And increase 5 dollars every month. 1200 by 20 years. We can adjust the amount as as automation increases.

that $650.00 a month is so low you cant do much with it at all maybe pay for food that's about it, not much more

Maybe the UBI should come from taxes refund, by scale in demographic data according to each state rated every year. The government already knows who is working and if it's illegal or not.

the problem is with this free money is that the government will want alot more from you , like your freedoms ok don't be short sighted

Why not go give all that free money to the homeless

Tax The Automations !!!

If you give everyone $1000 and increase Government debt. Then I could foresee high inflation and the cost of goods going up drastically. I could see businesses raising their prices because they know people have more money. If your dependent on that $1000 dollars. What good is it if it becomes worthless.

Problem is, it could make people lazy and not work and maybe even crime would increase (no evidence for that). I think what would work, have a universal income for all unemployed people, give people 600$ a month but only for living expenses and you would haft to find a job first before you can use it. You need to incentive people to work but not make them lazy.

She didn’t mention Andrew Yang. He made it a mainstream.

Nah UBI only for the rich people as we have it now “sarcasm”

The use value produced by open source software and robots turns into surplus value, but never value because it is not exchanged. Therefore a continual reduction in capital takes place. In other words, the velocity of money keeps dropping proportionate to the surplus use value until the financial system implodes. The only way that the oligarchs and monopolist such as Musk and Zuckerberg can remain, oligarchs, is through the introduction of Universal Basic Income. We are approaching a time when the use of capital as a means of exchange no longer functions because everything works without the need for human intervention. We get closer to a robot economy each day.

Won’t universal basic income just cause inflation? And who’s going to pay for it?

What is ore important than basic income for all is getting the homeless housed. That would actually save money used for hospitals and police services and plus all the other services necessary. It would save the lives of the homeless as well and give them a safe place to sleep without getting woke up and told to get lost. They would have a place to rest. A warm place to sleep out of the wind, rain and snow. Security and a place to lock their door and keep their belongings. It doesn't have to be big or fancy. Just an 8x8 room with a bed, dresser, small fridge, table and chair and a crock pot. Shared showers and kitchens Made out of concrete block to help prevent fires. Painted nice and with windows, power outlets and gardens. This would help to keep cities cleaner and safer. Its safer for the homeless and everybody else. It would save massively on hospital costs and police costs. Its humane. Don't give money that might not go where it should go. Instead give 8x8 rooms to live. To have their own safe space. Money might go to the wrong places. Having an unconditional place to live and sleep is more needed than money. This would ease stress, reduce fights and trauma. Produce security which may help with mental health. This is much more needed than universal income for all. This is instead guaranteed housing for all the homeless and those in deep poverty and about to beco e homeless. It's the compassionate thing to do. Rice, beans, peanut butter, cheese, eggs, split peas and lentil can be given so they can cook themselves hot meals instead of digging in garbages for food; Fir those who want and need it. Food banks and community services can supplement their food as well. Extra food given for volunteering at the apartments. No junk allowed outside the rooms. Daily walks made to take away and dispose of junk left outside the rooms.

k

I think the problem with universal basic income is the money part of it and the fact that people can buy anything with the money that they want. It would be better to give people the things they need instead like pay for the rent and housing and give people the food and necessities of life maybe even go so far as cable and internet instead of money and see how that works out.

Where does this income come from? Oh... that’s right... the TAXPAYER! WAKE UP! What a DEPRESSING STORY!

Kenya??? Are you sure??

We already have food stamps and public housing. Give them a check too?

Tax the rich. Get the money from there. Have people spend locally.

Universal Basic income means we have to provide opportunities for all the people in the universe to work and to get minimum Basic income for their livelihood , and to live with respect, this has to achieve with the co-operation between the countries, , in my view it is not the concept of giving free money to the people , we have to create opportunities to earn on their own, "Don't swim by holding my hand but teach me how to swim" this is the economic principle which good for the country .if we distribute free money they will become idle and habituated to receive the money freely, wastage of human resources hinders the economy progress and also scope for creating one more class apart from rich,poor ie "free class" ,in long run which creates unrest, and the more burden on the country, so let all should work, earn, and to live happily, no one is exceptional, we have to create opportunities for all according to their ability to earn for their livelihood we want to create healthiest, happiest globe, this is the ultimate aim of universal Basic income. Only Disabled, old age people , forced unemployed,( people wants to work but unable to found ) with no income are eligible to receive free money on monthly basis. "universal Basic Education " in free concept is adoptable. .with the Quality Education, and with the Balanced Regional development, we can reduce the income inequalities and we can able to curb the migrants problem.

Universal BASIC income? Um, yeah, sure. But, I live in a large metropolitan city, so I should receive more money than most because things are more expensive around here. (((holding hand out, palm up))) C'mon, Uncle Sam, cough it up.

This UBI should be a fixed % of GDP, so that UBI decreases as unemployment rises.

It will now lol

I'm a starving srtest and I should know about it man

I believe the wealth should be distributed equally but this this would just create lots of lazy people.

#Yang2020 #YangGang

Isn't that a form of communism. Why would I bust my ass at work then. Plus, companies dont see the end of the line. Who will buy their products if no one has a job.

It's amazing to see people *aware* that this is nothing but bad news. It will only create even more classism here in the United State's. Plus, this fantastical "report" is kind of disgraceful since Finland STOPPED this socialist idea (imagine that, it doesn't work)... P.S. it's great to see this "reporter" would buy extra cases of wine with her "extra money"!? Priorities people, priorities! Lol... If people thought thing's were bad now, just wait if this were implemented (if it gets that far). There are no upsides & of course all people who *need* money would (most likely) be in favor of this style of policies. Unless they grasp basic economics & are slightly informed!

Free isn't free

I've talked with some of these Yang people. Gang is a good name for them. I vote that we put them on a slow boat to Russia or China where they can enjoy their Socialist Utopia first-hand. They can demand their $1 trillion a year there. Read Yang's book if you want to waste a few hours of your life.

They knew socialism not working well. So they starting makes other new words again!

Why does society need to take care of useless jobless people? They should do any kind of work in society while they can.

Libertarians don't say that LOL

I'll take my basic income......and ill buy myself a basic pot farm.....seems pretty basic to me.

only the poor need a universal basic income. not the rich.

The negative income tax is actually different and a better idea. In the idea your right to get money would be tied to your ability to bay income tax. So if you made money and paid income tax, you would not get money from the government, or in some versions the money you got was proportional to the income tax you paid, so more tax you pay, the less money the government would give you. So people who paid no income tax would get the most money, since they have no income, and people who paid the most income tax, would get no money at all from the government, since they have the most income.

I think Kim Jung-il said - "Socialism is difficult when there is a lot of people." But I'm too sure but, whoever said it, makes sense instituting UBI here(US) will be much more painful then say another country with a great economy, like Germany. if it works out - great, poverty goes down and so on if it creates an economic and societal collapse - well, I hope you stored food and have pets because we're gonna look like Venezuela