"Yet while the warning rings true, the prescription still falls flat. We will need something big and new to spread money around if some super-human intelligence comes for all the jobs. But a UBI, as contemplated by its current cheerleaders, does not start to address the real challenges of an economy that has moved past human labor. Ask a truck driver (Yang was worried about truck drivers) to live on $1,000 a month."
"A two-parent, two-kid family on the Freedom Dividend would be pretty deep under water, living on 25% less than needed to poke through the poverty line. The bill to provide every adult a guaranteed income worth, say, $53,000 per year, equivalent to the median earnings of American workers, would add up to over $14tn, about 45% of the United States' gross domestic product (GDP). Good luck to the politician running on a platform to fund this brave new world."
Universal basic income has reemerged as a policy response to automation and artificial intelligence, championed by Andrew Yang and amplified by tools like ChatGPT. The proposed $1,000 monthly Freedom Dividend would leave many households, including two-parent families with two children, living well below needed income. A UBI that matched median earnings—about $53,000 per adult—would cost roughly $14 trillion annually, approximately 45% of U.S. GDP. Current UBI proposals do not address the structural challenges of an economy that has largely moved beyond human labor, and historical public social spending has never approached required levels.
Read at www.theguardian.com
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