Sam Altman's Free Money (UBI)

Sam Altman, CEO of OpenAI, funded a groundbreaking three-year study on universal basic income (UBI) that concluded recently. The experiment involved:

- 3,000 participants from Texas and Illinois
- 1,000 received $1,000 monthly, 2,000 received $50 monthly
- Participants were low-income individuals aged 21-40
- Average household income was around $29,000-$30,000

Key findings:

- Recipients increased spending by $310 per month on average
- Main spending categories: food, rent, and transportation
- 26% more spent on helping family members or children
- Slight decrease in work hours (1.3 fewer hours per week)
- 20% decrease in problematic alcohol consumption
- 53% decline in using unprescribed prescription painkillers
- 10% higher likelihood of receiving dental care
- Initial reductions in stress and mental distress, but effects faded over time

The study provides valuable insights into UBI's potential benefits and limitations, contributing to the ongoing debate about economic inequality and technological unemployment

00:09 Sam Altman funded a groundbreaking UBI study
00:13 Basic Income pilot with 3,000 participants
00:25 UBI participants were low-income individuals aged 21-40
00:32 UBI recipients increased spending by $310 per month on average
00:45 26% increase in spending on family members or children
00:54 Positive impacts of UBI on alcohol consumption
01:04 UBI leads to improved access to healthcare services.
01:20 UBI's potential benefits and limitations influence economic debates
Crafted by Merlin AI.