How Universal Basic Income Would Work, According to Andrew Yang | Opinions | NowThis

Summary

In this compelling proposal, the speaker advocates for a universal basic income (UBI) of $1,000 per month for every American adult, highlighting its historical roots and potential benefits. Citing automation's threat to numerous jobs, the speaker suggests funding the UBI through a value-added tax on tech giants like Amazon and Google. The presentation draws parallels to Alaska's dividend system funded by oil, arguing that technology can similarly benefit all Americans. This 'trickle-up' economy aims to enhance mental health, education, and overall productivity, ultimately saving costs on social services and fostering a healthier society.

Takeaways

• 😀 The Freedom Dividend proposes a universal basic income (UBI) of $1,000 per month for every American adult, starting at age 18.
• 😀 UBI is rooted in American history, supported by figures like Thomas Paine and Martin Luther King Jr.
• 😀 Automation is expected to significantly impact the job market, with 44% of American jobs at risk in the next 20-30 years.
• 😀 The most vulnerable job sectors to automation include administrative roles, retail, food service, transportation, and manufacturing.
• 😀 Funding for the Freedom Dividend would come from a value-added tax on major tech companies, many of which pay little to no federal taxes.
• 😀 Amazon, Google, and Facebook could contribute significantly to UBI funding through this tax system.
• 😀 The speaker compares the proposed UBI to Alaska's existing dividend system, which is funded by oil revenue.
• 😀 Technology is viewed as the 'oil of the 21st century' and can fund UBI similarly to how oil funds Alaska's dividends.
• 😀 Implementing UBI could lead to economic benefits such as reduced costs for social services and improved public health.
• 😀 The vision presented is a 'trickle-up' economy, where distributing income stimulates economic growth and benefits all Americans.

Q & A

What is the main proposal discussed in the transcript?

The main proposal is a 'freedom dividend' of $1,000 a month for every American adult starting at age 18.

What historical context is provided for the concept of universal basic income?

Universal basic income has historical roots, with proponents like Thomas Paine advocating for it as the 'citizens dividend,' and Martin Luther King Jr. supporting it in his 1967 book 'Where Do We Go from Here: Chaos or Community?'.

What percentage of American jobs are projected to be affected by automation in the near future?

It is projected that 44% of American jobs will be subject to automation in the next 20 to 30 years, with 20 to 30% affected in the next 10 to 20 years.

How would the freedom dividend be funded?

The freedom dividend would be funded through a value-added tax on technology companies like Amazon, Google, and Facebook, ensuring that these companies contribute a fair share to public revenue.

What example is given of a state that has successfully implemented a similar dividend?

Alaska is provided as an example, where residents receive between $1,000 and $2,000 a year from oil revenue, illustrating how a state can provide a dividend to its citizens.

What are some economic benefits mentioned regarding the implementation of a universal basic income?

The implementation of universal basic income could lead to increased consumer spending, reduced costs related to incarceration and homelessness, improved health outcomes, and a more productive workforce.

What is the significance of comparing technology to oil in the 21st century?

The comparison signifies that just as oil wealth has supported Alaskans, technology profits can be used to fund a universal basic income for all Americans.

How does the speaker view the potential economic impact of the freedom dividend?

The speaker believes the freedom dividend will circulate through the economy, generating hundreds of billions in new revenue and ultimately paying for itself.

What types of jobs are most at risk of being automated according to the transcript?

The jobs most at risk include those in administrative and clerical sectors, retail and sales, food service, transportation, and certain white-collar professions like insurance and financial advising.

What is meant by the term 'trickle-up economy' as used in the transcript?

The term 'trickle-up economy' refers to the idea that providing financial support directly to individuals will stimulate economic growth and benefit society as a whole, contrary to the traditional trickle-down economic model.