Economists Are Clear: “Replace Welfare with UBI”

Economists Are Clear: “Replace Welfare with UBI”

Welfare has failed and should be replaced as soon as possible, Universal Basic Income (UBI) is its perfect replacement, as it would actually work, unlike the current inefficient and expensive welfare programs.

Many economists and experts are screaming about the benefits of Universal Basic Income, they all agree that it would be better than the current welfare systems in every way.

The reasons that makes UBI to work better than welfare are that it’s very simple: an unconditional, regular, periodic cash payment to all citizens, without any requirement of work, with ‘universality’ and ‘unconditionality’.

“UBI is fiscally affordable. There are literally thousands of so-called welfare schemes across India, most of which are a complete waste of money and foster corruption,” says Dr Guy Standing, professorial research associate, School of Oriental & African Studies, and co-president of the Basic Income Earth Network (BIEN), who was associated with the MP study.

“The idea of a universal basic income is becoming increasingly popular. Five years ago, it was definitely confined to the weird fringe. But now, it is attracting interest across the political spectrum.

Silicon Valley entrepreneurs, concerned about the impact of technology on traditional models of employment, are funding pilot studies and donating to research projects. Governments are evaluating its potential to replace part of their increasingly complex, expensive and inefficient welfare systems.

And now it has been endorsed by winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly referred to as the “economics Nobel prize”. The economists were participating in the 6th Lindau meeting on economic sciences, which ran from 22nd to 26th of June this year in the picturesque town of Lindau, Germany.

 

Sir Chris Pissarides discusses inequality at the closing session of the 6th Lindau meeting on economic sciences.

Speaking in a panel discussion on the garden island of Mainau, Sir Chris Pissarides advocated universal basic income as a solution to the inequality that arises from both globalisation and the rise of robots and AI.”, a Forbes article mentions.

Maybe it’s time to get over welfare and introduce a Universal Basic Income (UBI), maybe it’s time to get smart, many people are ignoring UBI’s benefits, like eliminating poverty 100 percent, reducing crime and boosting the economy, they instead attack UBI using false arguments.

Criticizers of UBI may say that it’s too expensive, but that’s already proved to be a lie, as economists say that it would actually be more affordable than the current welfare system and if you also add to the calculation the profit from the improved economy that a UBI would result too, things get even better.

Sources include: https://indianexpress.com/article/india/universal-basic-income-scheme-farmers-budget-2019-rahul-gandhi-5566350/

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