Universal Basic Income is gathering support across the traditional political spectrum, from the most free market loving right-wingers, to the most progressive leftists.
Here are 5 reasons why those on the right should consider jumping on the UBI-bandwagon.
Right now, the US spends roughly 10% of the welfare budget on administration.
Universal Basic Income could cut that number to a fraction, and free the administrators to do other things, such as starting businesses, volunteering, caregiving or various creative endeavours.
Capitalism needs money to circulate, in order to function. Unfortunately, the economy is increasingly becoming a winner-take-all competition, and the number of people who are struggling to get by, is growing.
In the past 23 years, the velocity of money has decreased dramatically and is blowing a hole in the consumer base. This means that the economy can be expected to stagnate without intervention.
Trickle-down economics was dead on arrival, and the corpse is rotting the system. Now is the time for trickle-up economics.
A reduced fear of failure will allow more people will start businesses and pursue the kind of work they want to do.
Most businesses will fail, but with a basic income, entrepreneurs can better land on their feet, and try again. A failed business is a good learning experience, and people can come back better and stronger from it to benefit in their next venture.
This one is controversial with those on the left especially, but highlights how this idea can encompass the entire political spectrum.
If a basic income is provided, it will reduce the need for a minimum wage and unions, thus reducing friction in the market.
A union’s main purpose is to secure those who do not have the means to walk away from abusive conditions in the marketplace. UBI will provide “walk-away money”, and put enough power into the hands of the individual, that the need for a union in certain circumstances is reduced.
The same principle applies to the need for a minimum wage. If people are not forced to take any job in order to survive, the market can better be allowed to control wages.
There are jobs that some people would love to do for $5/hour, and others they wouldn’t do for $10/hour unless their life depended on it. UBI will provide freedom to both, whereas a minimum wage of, say, $15/hour can exclude many, be a stumbling block for businesses, and lock people into terrible jobs.
The increasing number of people who will struggle to find meaningful opportunities, due to technological advances, is growing and speeding up.
If people are left by the wayside in a system designed for the few at the top, it is only a matter of time before they revolt, or overwhelmingly vote for politicians who wants to break up the system.
Universal Basic Income, can not only help secure the survival of people, it can also help ensure the survival of capitalism itself, by evolving to capitalism 2.0 where income doesn’t start at 0.