Closing Thought–30Jun20

This pandemic has proved to be a bitch for us mere mortals……the loss of employment and such has done nothing to improve the inequalities of our system…..

The idea of a minimum income goes back as far as the 1500s…..

The idea of an unconditional basic income has three historical roots. The idea of a minimum income first appeared at the beginning of the 16th century. The idea of an unconditional one-off grant first appeared at the end of the 18th century. And the two were combined for the first time to form the idea of an unconditional basic income near the middle of the 19th century.

History of basic income

Even the US is thinking along the UBI line…..

Public support for a national universal basic income has grown significantly in the last decade, and recent studies indicate that Americans are now split with roughly equivalent support for and against UBI. Indeed, some scholars argue that the damage caused by COVID-19 has revealed a fragile and inequitable economy and that the recent one-time payment should become a regular feature to give everyone basic financial security going forward. 

Other scholars are less convinced, maintaining that partial or conditional UBI would not reduce poverty and inequality and that a system sufficiently generous to ensure a basic standard of living for all would be prohibitively expensive. These critics assert that it is more efficient for the government to invest in better quality public services and improve existing social welfare systems.  

Universal Basic Income After COVID-19

Now one country has grab the bull by the horns and worked for the people……Spain.

Spain has done something that goes a way to helping the mere mortals of the nation…….they have now a minimum income…..

Spain’s cabinet has approved the creation of a national minimum income, according to a government spokesperson.

Deputy Prime Minister Pablo Iglesias told a news conference on Friday the creation of a minimum income worth €462 (£416.92) a month will target some 850,000 households or 2.5 million people.

The government would pay the monthly stipend and top up existing revenue for people earning less so that they receive at least that minimum amount every month, he said.

The minimum income would increase with the number of family members, up to a maximum of €1,015 (£916.30) each month. The programme would cost the government about €3 billion a year.

Mr Iglesias said: “Today is a historic day for our democracy. Today this government is showing that its political choice is social justice and that it takes the [Spanish] Constitution seriously.”

https://www.independent.co.uk/news/world/europe/spain-national-minimum-income-universal-basic-coronavirus-ubi-economy-a9538606.html

I Read, I Write, You Know

“lego ergo scribo”

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