A new study funded by the OpenAI CEO found that basic income can help pay the bills, but far from a solution to AI taking everyone's job.
. Now, new research funded by Altman finds that basic income probably can’t really do what the tech mogul hoped.related to a multi-year effort to study the impacts of basic income on a small sample of people. Between November 2020 and October 2023 , the program gave a thousand people living in some of the nation’s poorest households $1,000 a month and then studied the impact. A control group of 2,000 people in similar economic circumstances was given $50 a month.
In some cases, the payments were also correlated with less work. That is, “the transfer made it possible for them to simply take a break” from their working lives, and the “break was more valuable than the extra dollar,” the report notes. Elsewhere in the study, researchers note that though “the cash allowed some recipients to obtain more office-based and hospital care and may have led to reductions in alcohol and drug abuse, on average we do not find direct evidence of greater access to healthcare or improvements in physical and mental health.”
All in all, the payments’ primary function was to help program participants meet their most basic needs, including affording groceries and paying rent. “Food, housing, and transportation were the largest expenditures for participants overall at the time of enrollment, and increases in these categories make up over half the estimated effect on recipients’ spending,” the report says.
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