Martin Luther King Jr. was the original founder of the idea Universal Basic Income. UBI simply means Government pays a fixed income to its citizens. The implementation could be in various ways-
- Providing UBI to those below Poverty Line
- Providing UBI to jobless
- Providing UBI to all Citizens of the Country.
Martin Luther King Jr. believed this to be the cure of poverty. But the question arrises who will pay those income. The Government can either increase the tax on riches or on all Corporations.
Need for UBI
It is believed that as AI Could replace almost 40% of the Jobs available right now. The rise in unemployment due to population and now the AI creates a need for UBI. UBI is required to guarantee the basic Cost of living to every Human so no one Sleeps Hungry. Let us take a quick look its Pros and Cons.
| Pros | Cons |
|---|---|
| Jobless will have more time and flexibility to find a Job that fits them. | Inflation could be triggered due to increase in demand of goods and services. |
| People will achieve a stage of mental freedom and will be able to take better life decisions. | The standard of living will not be increased due to inflation. |
| The poverty will be completely removed saving the effort put in various welfare programs. | A small payment won’t make a real difference in Poverty-stricken families. |
| Money spent on welfare programs will be saved. | Free income could make people demotivated towards work. |
| Better health and Education of every citizen will ultimately be achieved. | Might even break families where the bond is totally financial. |
| Basic Income can help student study with more freedom, even escaping the current education system. | |
| The payment could help stabilise the economy during recessionary period. |
After looking at the pros and cons we can conclude UBI can really help deal with poverty but it will also give rise to new problems. But because of the rising unemployment it is the only solution. UBI will most importantly help students free from financial stress which will lead to rise of innovators and entrepreneurs which might increase jobs in latter future.
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