What is universal basic income? | CNBC Explains

What if every person got free money every month? CNBC’s Elizabeth Schulze explains the concept behind universal basic income.

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[tapanpaul]

Universal basic income will be very much beneficial for humankind...especially for those under extreme poverty

[ChipKerr]

IT IS NOT FREE!

Someone is paying into the system first because the money doesn't just appear in the government accounts.

[crazieeez]

3:20 "Getting paid not to work" ... that's not how universal basic income works. People get free money REGARDLESS if they work or don't work. People get paid more if they work. Working does not take away the free money. It is like the zero point energy. There is no such thing as zero energy.

[helmopape]

It would be stupid to call this explanation sufficient. It could be done a lot better to implement a UBI. First it´s not on top of all prices because this would drive income and tax to a new higher equlibrium. It could in that sense also be thought as substitutive in it´s introduction, but once in place you can never lose it. Second it should be high enough to be free from the employment trap and from the unemployment trap. Third it should be truly universal, that everybody gets it no matter what. This would enable people to do the work they consider to be done and quit bullshitty jobs. Think of UBI as an income you can always count on #countonbasicincome

[rohansamal]

Won't universal basic income only drive up prices. So the $100 of yesterday becomes the $1000 of today?

[whodeani]

"ThE MoNeY DoEsNt CoMe FrOm NoWheRe" yeah no shit Sherlock, the reason its gaining traction is that you can tax the automation that replaces human jobs at a much higher rate since robots don't need money for housing, food, etc...

[TheEverydayProgressiveShow]

Wow, CNBC showing a reasonably good clip about Basic Income! Amazing!

[mochamommyATX]

It may work instead of government subsidies for housing, child care, higher education and food which only drive prices up and create bureaucratic costs

[brunoillipronti]

3:30 mins talking about UBI and 1 minute to fail to explain how the government could afford to give money to population

[ilovecoffee]

Important clarification: Some Libertarians, like Milton Friedman, only favor the Basic Income as a more efficient and simple substitute for the welfare state. Generally, Libertarians are against basic income. They are simply saying, if there is to be a welfare state, basic income would be a better way to do it.

[korneliuskr]

Good channel. i’m feeling smarter right now

[gypsydragongal]

Take the money out of Tax Havens to pay for it.

[MrsRight]

Such a great thing to know about government and basic income. Are you able to go to Serbia and make a video about Serbian income? monthly salary is around 300 euros believe or not. Guess how they are able to survive with that???

[thehalfgemschannel]

AI : "Allow me to introduce myself "

[ksouth]

Here’s the issue, basic income would only work if it actually covers basic necessary costs and the money is a put towards where it’s supposed to go.
Basic income should cover what rent would be for a one bedroom apartment, groceries, Internet, cell phone and, hygiene. - that’s basic income and it would vary based on where you live.
I wouldn’t be opposed to the money going straight to the bills and not put in the hands of people who may abuse it.
The person receiving the “basic income” should still be eligible for the benefit a year after they are employed IF they obtain a job that is less than the average yearly income in their area with a max of two years for the benefit... something like this would level the field and give opportunity to people who never had it.
Being able to obtain employment without penalty aka save earned income for a year while receiving true basic income would give recipients the opportunity to become home owners and permanently break generational poverty... this would save the government way more money in the long run and boost our economy.

[Alfikri]

Here's an idea: identify people who owns more than $ 3000 in their asset. Then, give them 1 year. If their asset never reduced by that number, they gonna give 2.5% of their total asset to the poor. If sometimes their asset became less than $ 3000, then the 1-year-count-down will stop. Whenever they asset exceed $ 3000 benchmark, the 1-year-count-down is started..
Who's the poor? They are people whose not able to afford their basic needs by their current income.
How much money to give them?
The amount that is sufficient to make them survive the entire year (with the basic need).

[grapesofwrath]

Then intro is quite off. That’s not how UBI works at all. It’s not whoever wants it. It’s for everyone.

[nikolayiliev]

UBI makes sense but it must come with a rule that the recipient must spend the received money fairly quickly. Since one is getting the money regularly, say monthly, they don't have to "save for rainy days" as next month they are getting the money again. If one is receiving the money and keeping them in the bank or at home, this doesn't help generate more money and more tax for the government and the government will very quickly run out of cash to distribute, so spending it is a key.

[Hfajardo]

It isn't free though, it is basically just a tax return.

[casiandsouza]

We need to improve our language. Jobs accomplish three things - provide industry with labour, provide employment and distribute wealth. Employment should not be synonymous to work. Work and recreation are attitudes towards employment. AI is eliminating the industrial need for labor. UBI can address the distribution of wealth. Besides these two, there is still the need to employ every able body and mind in a socially acceptable occupation. Such occupation should be encouraged by supplemental income.