Is Universal Basic Income the future?
Technology is transforming the American economy and economies across different nations. With the rise of new technologies such as robots, AI, and machine learning a lot of jobs are being automated. Investment research by Forrester predicts “automation will create nearly 15 million new jobs by 2025, but at the same time, wipe out nearly 25 million jobs.” Using this prediction, thats 10 million people who will be out of jobs; however, a possible solution for the future is Universal Basic Income(UBI). UBI is unconditional cash payments from the government to its citizens.
UBI may seem like an idea that’s ridiculous however, former president Obama has stated how he was not sure if UBI is the right model but it is a topic that will have to be discussed in the next 10 to 20 years. Also, Elon Musk has agrees that there won’t be many other options stating “There is a pretty good chance we end up with universal basic income, or something like that due to automation.”
I don’t believe UBI is an idea that is in the distant future, like former president Obama and Elon Musk, I think that due to the increase in automation and AI, Universal Basic Income is a conversation that people will have to start talking about sooner rather than later.