We all dream of this that the government is giving us free money, paid for by robots, while we sit back at home Netflix and chill. This dystopian future is becoming a reality or as it seems because there have been talks in a few countries of starting a UBI (Universal Basic Income) which means a big fat check from the government for your well-being.
It is believed that there would be even less work for people in the future and they would have to struggle to make a living. To work for money is becoming more and more outdated and then there’s the fear of artificial intelligence replacing humans from their jobs. Before you wander off believing that it is false, this same dialogue has been opened in a Switzerland court too. There are also updates from Netherlands and Canada for the same which means this could happen.
Experts believe that is a good idea to do so. In a test run, The Roosevelt Institute presented a few models of how would the future look if Americans got three different types of UBI? The most successful one stated that if the government would give away $12000 a year to every adult in the country, then it would increase the economy by $2.5 trillion by the year 2025. It’s because with more money the people will spend more which is very good for business and also result in the expansion of a better economy.
To quote the words of Victoria Waldersee, the co-founder of Economy in an interview, she said “The basic idea is that, instead of taxing people on their income to solve problems for future it is better to solve problems before they happen within a basic income for everyone. It’s based on the idea that if people are free to do what they love instead of being forced to do what they not to make their ends meet, people would be freer in taking decisions. Though the problem has always been with these ideas is funding of the project. If taxes are increased to pay for this scheme, people won’t accept it unless it is in a country whose people are habituated in paying more taxes. However, the Roosevelt model stated that the plan of increased taxes wouldn’t work but still, it would produce a $515 billion every year adding to the economy. However, one possible way of funding the whole project is through taxes. Yes, people wouldn’t be happy about it but as Bill Gates has proposed that robots paying taxes is a viable idea which means that the companies will pay taxes ‘on behalf’ of the robots they hire to balance for the human worker that was replaced.”
It’s very complicated but if this happens, are you in or out? Please tell us in the comments section.