Aug 14, 2012

Basic Income

"A basic income is an income unconditionally granted to all on an individual basis, without means test or work requirement. It is a form of minimum income guarantee that differs from those that now exist in various European countries in three important ways:
it is being paid to individuals rather than households;
it is paid irrespective of any income from other sources;
it is paid without requiring the performance of any work or the willingness to accept a job if offered."

The justification for a basic income is usually based on moral reasoning. Some try to justify that a basic income can improve the economy.

"Basic Income Guarantee: The Right to Economic Security by Allan Sheahen argues that there is a moral obligation to provide everyone with a decent level of living. Your right to be--your right to simple existence--is not something for others to grant or withhold as an economic carrot, or to give as a gift. It is a universal right. Some call it "Social Security for everyone." In plain, simple English, Sheahen answers the toughest questions about an issue which would revolutionize the American way of life. We can end poverty, close the wealth gap, and provide economic security to everyone by giving all Americans a modest, yet unconditional income"

The main obstacle is that many people see a basic income as transferring wealth from the rich to the poor.

In contrast, a citizen-ownership democracy gives citizens an ownership income that rightfully belongs to them. The best example is the Alaska Fund.  Every citizen / resident of Alaska gets an income from the Alaska fund, which is funded from oil revenue. Oil in a country is owned by all the citizens collectively. Rightfully, all oil profits to a country should be distributed to its citizens. Alaska gives only a fraction of the profits to its citizens / residents. 

No comments:

Post a Comment