A Universal Basic Income (UBI)

"A UBI isn't being paid to do nothing, 

...it's being paid to do what you love." -AWG

Futurist, Optimist and Tech Innovator Alvin Wang Graylin says that 'a UBI is the freedom to move from the obligation to work a 9-5 job just to make ends meet, to being able to choose how you spend your life, do what makes you happy - educate yourself, travel, spend time with family, teach kids, help the elderly.'

A Universal Basic Income (UBI) is a social welfare program where all citizens receive a regular, unconditional sum of money from the government as a human right regardless of your personal circumstances. It will be of an amount sufficient to cover all basic, essential living expenses - food, utilities, housing etc. A UBI however is only a 'band-aid', temporary solution, functioning as a stepping stone toward an entirely new economic model (eg Abundance Economy) as we ultimately move towards a post-scarcity, post-money world.

UBI is needed for several reasons:

1. Poverty Alleviation: It can help alleviate poverty by providing a basic level of financial security to all individuals.
2. Automation and Job Displacement: With advancements in technology leading to job automation and displacement, UBI can serve as a safety net for those whose jobs are rendered obsolete.
3. Income Inequality: UBI can help reduce income inequality by ensuring that everyone has access to a minimum level of income.
4. Economic Stimulus: UBI can function as an economic stimulus package, as the money distributed to individuals is likely to cycle back into local economies, boosting consumer spending and economic growth.

UBI could be funded through various means:

1. Closing Welfare Administration: By streamlining or eliminating non-essential welfare programs and administrative costs, funds could be redirected towards UBI.
2. Taxing Larger Corporations: Implementing fair taxation policies on larger corporations, particularly those with significant profits, can generate revenue to fund UBI.
3. Stimulating Local Economies: As mentioned, much of the UBI distributed would likely circulate back into local economies, functioning similarly to an economic stimulus package. 

4. Government owned and operated business enterprises: leveraging existing taxation pools to establish meaningful enterprises (new industries and businesses) that generate profit. This profit is aimed at increasing funding for government spending on UBI (or other important infrastructure investment for that matter).

Overall, UBI offers an immediate, short-term solution to address poverty, job displacement, income inequality, and economic stagnation, with funding mechanisms that include reorganisation of welfare systems and fair taxation policies on corporations. Additionally, its implementation could stimulate local economies and foster greater financial security and well-being for all citizens.

Notable studies: editor, please add here

Summary of Universal Basic Income provided by ChatGPT 3.5, in collaboration with Jared Franks. October 2024