The idea of a universal basic income is that of a monthly general income for all American adults (under Yang’s Freedom Dividend) in order to provide a bottom layer of economic safety in case, a minimum consuming power.
Note that Universal Basic Income is not an economic system by itself and does not affect any part of government that is usually related with socialism systems, it doses not even touches government variables that are relative to social democracies like Finland’s or Sweden’s.
Many think that UBI has some connection with socialism, but it’s the exact opposite, it will provide everyone a basic consuming power that can not only reduce socialism (by removing unnecessary social services), but it also helps people start their own business and change jobs.
In socialism, the state chooses what you need, in Capitalism with a Universal Basic Income you choose how you’ll spend the basic economic capital that is provided to you, so, opposing socialism, UBI gives power to the people, not the state.
In other words, basic income is not a form of socialism, but is concerned with the distribution of income whereas socialism is a system of organizing the ownership, production and allocation of goods and services.
Socialism is defined as an economic system based on social ownership and operation of the means of producing wealth. This is a distinct concept from a basic income, which does not require social ownership of capital assets.
Universal Basic Income would also empower women who are economically depended on abusive jobs or relationships, due to lack of the economic freedom to run away.
For the record, many entrepreneurs including Elon Musk, Mark Zuckerberg and Andrew Yang (who is also running for President in 2020 having his whole campaign based on the introduction of a universal basic income in America) have openly embraced the idea of a universal basic income.
“The idea of a Universal Basic Income has been around for a long time and has been supported by politicians, economists, spiritual leaders, entrepreneurs and even one of our founding fathers – Thomas Paine.” Yang said in recent tweet: