Is it time for a Universal Basic Income?

WASHINGTON - June 23, 2023 - PRLog -- By: Matthew Johnson, Howard Reed, Elliott Johnson and Graham Stark, Northumbria University in Newcastle upon Tyne

We live in an age of crisis. The Global Financial Crisis, austerity measures, climate change, COVID-19 and war have all reduced people's standard of living, wellbeing and even predicted lifespan.

It's a dire outlook, made worse by a fast-evolving cost of living crisis.

One way to ease the burden on people would be a Universal Basic Income.

In our last age of crisis, during World War Two, Western governments took the momentous decision to tackle even more serious crises through massive state intervention.

Governments rapidly committed themselves to costs with few precedents in creating social security systems, healthcare systems, nationalised industry and a range of other equality-promoting measures.

At a time in which countries could, apparently, least afford those policies, policymakers saw no alternative than to spend big.

We live in an age of crisis. The Global Financial Crisis, austerity measures, climate change, COVID-19 and war have all reduced people's standard of living, wellbeing and even predicted lifespan.

It's a dire outlook, made worse by a fast-evolving cost of living crisis.

One way to ease the burden on people would be a Universal Basic Income.

In our last age of crisis, during World War Two, Western governments took the momentous decision to tackle even more serious crises through massive state intervention.

Governments rapidly committed themselves to costs with few precedents in creating social security systems, healthcare systems, nationalised industry and a range of other equality-promoting measures.

At a time in which countries could, apparently, least afford those policies, policymakers saw no alternative than to spend big.

The consequence was three decades of growth, increased standards of living, increased life expectancy and unprecedented technological development, ended only by war-induced increases in energy prices that sent inflation spiralling.

As the Financial Times recently noted, the policies adopted over the past four decades have left countries such as Britain poor, but with some very rich people.

Universal Basic Income has been presented as a means of addressing this crisis.

Giving people largely unconditional, predictable forms of income to satisfy their basic needs has been identified as means of restoring social security, increasing equality and supporting growth in areas of countries that have been left behind by development and promoting public health overall.

UBI is a redistributive economic policy that can be funded by taxing those resources that contribute little to society: wealth and passive income from shares as well as income at the very top end of society.

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