How to Fund a Universal Basic Income Without Increasing Taxes or Inflation

By Ellen Brown The policy of guaranteeing every citizen a universal basic income is gaining support around the world, as automation increasingly makes jobs obsolete. But can it be funded without raising taxes or triggering hyperinflation? In a panel I was on at the NexusEarth cryptocurrency conference in Aspen September 21-23rd, most participants said no. This is my rebuttal. In May 2017, a team of researchers at the University of Oxford published the results of a survey of the world’s best artificial intelligence experts, who predicted that there was a 50 percent chance of AI outperforming humans in all tasks within 45 years. All human jobs were expected to be automated in 120 years, with Asian respondents expecting these dates much sooner than North Americans. In theory, that means we could all retire and enjoy the promised age of universal leisure. But the immediate concern for most people is […] Read More

Another Silicon Valley Exec Joins the Ranks of Universal Basic Income Supporters

The President of Y Combinator, Sam Altman, has come out in favor of universal basic income. He joins a growing list of Silicon Valley titans who support using cash handouts to end poverty. By Patrick Caughill There’s a swelling interest in Silicon Valley to explore and implement Universal Basic Income (UBI) policies, which give every citizen a guaranteed “salary” without stipulation. The goal of UBI is to bring everyone out of poverty and allow for a more even playing field of opportunity. Individuals and families who do not have to struggle to make enough money to cover their daily necessities like food and shelter will be empowered to contribute more to society through risk-taking and following their own interests. Sam Altman, the President of Y Combinator, a seed accelerator with well-known names like Airbnb and Dropbox in its portfolio, has joined other tech giants, like Stewart Butterfield of Slack and […] Read More