"Two years ago, a city in Colorado set out to answer a question: Can giving residents $500 a month with no strings attached meaningfully improve their lives? For the 200 residents who participated in the program, the answer has been mixed. Although the payments eased some immediate challenges, long-term or structural issues persisted. Boulder is one of a growing list of American cities and states experimenting with a guaranteed basic income,"
"In 2023, Boulder decided to give it a try. Through a program called Elevate Boulder, and using $3 million in American Rescue Plan Act funds, the first payments were dispersed in January 2024. "We saw the data reflect that when financial strain drops, so does the toll on mental and physical well-being. However, long-term financial challenges like affording childcare, healthcare, and building financial assets saw little change after 20 months of $500 payments,""
Boulder provided 200 residents with $500 per month with no conditions to test effects on financial and personal wellbeing. Payments began in January 2024 under Elevate Boulder, funded with $3 million in American Rescue Plan Act money, and continued for up to 20 months. Recipients reported improved ability to cover basic needs and reduced mental and physical stress. Persistent challenges included childcare affordability, healthcare costs, and limited ability to build financial assets. Outcomes were mixed: short-term relief occurred, but structural economic barriers remained largely unchanged after the cash transfer period.
#guaranteed-basic-income #unconditional-cash-payments #program-evaluation #financial-and-mental-well-being
Read at Business Insider
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