Why The Elites Want UBI?! Fourth Industrial Revolution Explained!

Summary

This video delves into the concept of Universal Basic Income (UBI), exploring its history and the potential impact of AI and the Fourth Industrial Revolution on the job market. It discusses various UBI proposals, including Andrew Yang's Freedom Dividend, and considers the economic implications of implementing such a program. The video also examines the outcomes of UBI pilots, the potential effects on productivity and inflation, and the ethical concerns surrounding genetic engineering as an alternative to addressing job displacement.

Takeaways

• 🤖 The concept of Universal Basic Income (UBI) has gained traction with the rise of AI and concerns about job displacement.
• 🏭 The idea of providing a minimum income to everyone dates back thousands of years, initially discussed as a crime deterrent.
• 🏛️ Philosophers argued for UBI to reduce crime by addressing relative poverty, which is more strongly correlated with crime than absolute poverty.
• ⚙️ The Industrial Revolutions have historically disrupted jobs, with each new wave of technology requiring workers to adapt to new roles.
• 💡 The 21st-century discussion on UBI has been fueled by advancements in AI, Robotics, and Gene editing, which could potentially replace human labor.
• 💸 Andrew Yang's 2020 presidential campaign brought UBI into the spotlight with his proposal for a 'Freedom Dividend' of $1,000 per month for every American adult.
• 💼 The feasibility of funding UBI is complex, with proposals ranging from taxing big tech companies to using AI-generated profits.
• 📉 There are economic concerns that UBI could lead to deflation if used to repay debts or inflation if spent on products from large corporations.
• 🛠️ UBI pilots suggest that unconditional income can lead to reduced work hours and increased time for personal pursuits.
• 🧬 The video concludes with a discussion on the potential for genetic engineering to alter the workforce, raising ethical and societal questions.

Q & A

What is Universal Basic Income (UBI)?

Universal Basic Income (UBI) is a concept where every person receives a minimum amount of money regularly, typically on a monthly basis, without any conditions attached.

Why has the discussion around UBI become more prominent recently?

The discussion around UBI has become more prominent due to advancements in AI, robotics, and gene editing, which are expected to disrupt the job market and potentially leave many people without work.

What was the historical context of UBI discussions?

UBI discussions began in the context of crime reduction, with philosophers suggesting providing money to reduce theft and crime. Later, it was discussed in the context of economic changes brought about by industrial revolutions.

How did industrial revolutions impact job markets historically?

Industrial revolutions disrupted existing jobs by introducing new technologies that increased efficiency and reduced the need for human labor, particularly in agriculture and manufacturing.

What is the 'Freedom Dividend' proposed by Andrew Yang?

The 'Freedom Dividend' was a UBI proposal by Andrew Yang, where every American adult would receive $1,000 per month, requiring no work or participation in return.

How does the Alaska Permanent Fund relate to UBI?

The Alaska Permanent Fund is an example of a UBI-like program where profits from the state's oil companies are shared with every Alaskan annually, serving as a model for UBI proposals.

What are the potential economic consequences of implementing UBI?

Potential economic consequences of UBI include increased wealth concentration, deflation if used to repay debts, or inflation if spent on products from large corporations, depending on how it's funded and utilized.

What did UBI pilot studies reveal about how people use unconditional income?

UBI pilot studies showed that poorer people tend to use additional income to work less and buy time, while the middle class often uses it to pay down debts, and the wealthy may invest it in assets.

How might the Fourth Industrial Revolution affect the need for UBI?

The Fourth Industrial Revolution may increase the need for UBI if it leads to significant job loss. However, it could also create new job opportunities, potentially reducing the need for UBI.

What are the potential social and ethical implications of genetic engineering in the context of the Fourth Industrial Revolution?

Genetic engineering could potentially increase intelligence and job capabilities, but it raises ethical concerns about genetic control, social inequality, and the unknown long-term consequences of such modifications.

What alternative solutions to UBI could help address job displacement caused by technological advancements?

Alternatives to UBI could include retraining and education programs, job creation in new sectors, and policies that encourage the fair distribution of wealth generated by technology.