No other economic model offers innovation, competition, growth and all the other benefits that Capitalism provides, but Capitalism has a vulnerability which results to poverty for those who can’t compete or get a chance, a Universal Basic Income can patch that hole in the floor.
During his commencement speech at Harvard University, Facebook CEO Mark Zuckerberg explained why a universal basic income should be introduced as a solution for inequality.
“Every generation expands its definition of equality. Now it’s time for our generation to define a new social contract”, Mark said, “We should have a society that measures progress not by economic metrics like GDP but by how many of us have a role we find meaningful.”
Zuckerberg told the class of 2017 that he was able to pursue his passion in Facebook because he knew he had a safety net to fall back on. “If I had to support my family growing up instead of having time to code,” he said. ” I wouldn’t be standing here today.”, “We should explore ideas like universal basic income to give everyone a cushion to try new things,” Mark also said during his speech.
Mr. Zuckerberg is not the only one to call for a universal basic income, Tesla and Space X CEO Elon Musk has also promoted the idea at the World Government Summit 2017 in Dubai. Elon Musk said that a Universal Basic Income is “going to be necessary.”
As a new report from a consultancy has found, automation will replace up to 80 of today’s jobs by 2030, up to 800 million global workers will lose their jobs by that time and be replaced.
Andrew Yang is running for President in 2020 and has already promised a universal basic income to get introduced by the time he gets elected.
“Yang, as an American entrepreneur and the Founder of Venture for America, is in a position to know well what the economy and people need, according to him, that’s a universal basic income.”
Welfare can be replaced all-together by a universal basic income system, welfare results to dependence and even more poverty, instead, a universal basic income has a nature of generality and it’s more like a human right than”help” for the poor people.
Automation can generate enough wealth for everyone’s basic needs, people can benefit from that wealth by receiving a universal basic income (UBI), a flat and guaranteed paycheck to every citizen.
UBI can be that economic “floor” in Capitalism, a layer of economic security and opportunity for everyone to try, invest, start his own business and even get more education.