In the 2020 election, an interesting candidate made his way onto the scene for the Democratic Party’s presidential nomination: Andrew Yang. Yang made a splash in particular for his promise to give everyone $1,000.
Andrew Yang’s campaign strategy took a similar approach to Trump’s 2016 campaign in hyper-focusing on a single issue. For Trump, the single issue was immigration. For Yang, that issue was universal basic income (UBI).
Yang’s version of UBI was alluring in its simplicity. Every person in the country would receive a nice, round $1,000 per month. It didn’t matter if you were rich or poor, old or young. A vote for Yang was a vote for cash.
Many from his own party denounced the idea of giving rich people $1,000 per month. But Yang held strong to the payment being universal. By making sure every person gets $1,000, you avoid some incentive issues and the bureaucracy that accompanies typical welfare programs.
Why UBI?
Why have a UBI at all? Yang gave several reasons. One primary concern Yang had was that technology would soon begin to displace many low-skilled jobs. UBI would help the country get ready to take care of displaced workers. […]
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