YES

Jack Hanson
With economic inequality higher than it has ever been in the United States, hope and change feel like faraway concepts to the 13.5% of Americans living below the poverty line. The poverty line defines the point at which a person or family no longer have enough income to purchase the necessities of life.
In today’s economy, millions of workers are struggling to find the jobs that were more abundant and easier to support themselves not long ago. The minimum wage sits at $7.25 per hour for people over 20, $4.25 for youths and $2.13 for tipped workers. Automation is on the rise, and the jobs that will inevitably be eliminated will displace countless workers.

However, with a universal basic income (UBI), millions could suddenly be relieved of their financial pain and have time to get the training they need for the economy of the future. This could help students pay for college and reduce their lingering student loan debt, which is an increasing problem for college students around the country. Parents in the diminishing middle class could spend time working fewer hours and maintaining financial stability while having time to raise and help educate their children, which can increase future generations’ chance of success.

Economists disagree on the impact basic income would have on the U.S. economy, but several notable studies suggest that, in addition to helping millions, UBI can vastly expand the economy. According to a study published on August 29, 2017 by the Roosevelt Institute, $1,000 for all adults each month, “expands the economy by 12.56% over the baseline after eight years.” That forecast was created with the condition that UBI would be funded by growing the federal deficit, rather than with a tax increase.

Although there is no sure way to forecast what kind of effects UBI would have on the U.S. and other nations, we are sure that we are living in an unprecedented time. We’re on the verge of an automation revolution, with technology light-years ahead of what it was a century ago, and with many more unpredictable and revolutionary advances to go before the next century. The world’s population is still growing more rapidly than it ever has, and poverty is a serious problem. We cannot ignore what the future brings, and the future could very well bring a bleak world for those not prepared to work in tomorrow’s economy. UBI is a glorious, shining light for those about to be cloaked further in darkness, and despite it seeming out of reach, we must reach for it if we want the future to be bright.
 
 
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