Yang pushed a version of UBI that would set up a permanent system for paying every American adult $1,000 per month: an idea that seemed naive but is now in the mainstream political debate.
Do the math: The economic cost of the coronavirus pandemic says Andrew Yang may have been right about Universal Basic Income. Yang speaks at the California Democratic Party 2019 Fall Endorsing Convention in Long Beach, California on November 16, 2019.
, which would create a California version of the UBI. There is precedent for this in California; over the past year, the city of Stockton, under Mayor Michael Tubbs, has run a UBI pilot program, in which 125 low-income residents are given $500 a month to spend as they see fit. Preliminary data, analyzed by researchers, suggest residents are spending the money responsibly, to help cover basic bills and buy sufficient food for their families.
It was a proposal calculated to trigger interest in the high-tech community, which largely drives automation technology and also is acutely aware of the potential economic impacts. Soon, a group of Silicon Valley researchers, Y Combinator Research, proposed a five-year randomized study with UBI recipients across two states, with panels of economists, public health and government specialists analyzing the data the study would generate.
In a time of stay-in-place orders that have shuttered much of the global economy, unemployment has soared in America to levels not seen since the Great Depression. Now, politicians are desperately searching for ways to prop up the economy, even as we see enforced closings of workplaces.
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