US 2020 POLLS- UNIVERSAL BASIC INCOME
There is no denying to the fact that we are living the best age of mankind, where AI and machine learning has the capability of replace millions of low-skilled jobs in almost all domains of industry. It is being assumed and predicted by trade pundits that by 2030 20 million manufacturing jobs would be lost to robots. There is a threat mounting in all career paths like tech jobs, hedge fund managers, logistics, doctors etc. there are currently 3.5 million truck drivers in the USA and with every advancement in autonomous driving, there is a deep concern among the masses for their welfare and competition against automation seems a tough tussle; but surely automation will impact the society unevenly and that is why one US presidential candidate is so much focused to address the working class.
This presidential candidate has been vouching in the idea of UNIVERSAL BASIC INCOME- a fixed pay to the citizen against the new age of automated workforce that may take away most semi-skilled jobs across several industries. Yang is of the idea called ROBOT TAX – a tax that the companies using robots shall be paying based on their usage capacity and the extent to which automation has been put in place. As per the reports published by McKinsey, by 2030 30% of the world’s work shall be automated, this lays down a big as to where shall the people be further employed and how to assure welfare at the same time. UBI has an answer to all the questions arising. Companies in-return shall benefit by focusing on sales due to reduced costs and this would help them to further maximize their market share.
Only the 1% of the total population hold 40% wealth in USA, which simply implies that the policies of the Central banks aren’t uniform in nature. 11% of the nation comes in the working class category and keeping in mind the inflation theses years a new term has been coined called as “The working poor” those who are earning below poverty level.
A new expenditure of $40 billion will be put in place with its implementation, at the same time US government spends $1.5 trillion on various welfare programs annually with an economy size of $20 trillion of which $4 billion goes as Federal Budget. While there are speculations that UBI will help economy grow by 8-10% and most likely generating around 2 million jobs at the same time.
UBI has been a topic under discussion since the 1960’s but now it is for us to save ourselves from this rapidly evolving automation and the job losses are going to be for real. A $1000/monthly welfare or an income would save the masses from rendering other options like crime, extortion etc and at the same time help the economy in growth and job creation by helping the unemployed to spend.
Finland has been in trials for UBI and results seems quite promising for the time being. Followed suite by nations like Germany, Uganda, Netherlands and Italy who are more likely to begin with their prototype programs soon. Alaska State has been paying an income of $2000/ month of the unemployed from the taxes of oil rich companies and thus tackling unemployment and job threat on this new way. With all these successful trials we surely wish this change to help safeguard our job cuts against AI.