Is Universal Basic Income A Foregone Conclusion?

June 26th, 2017

universal basic income

By Michael Solomon, 10x Management Co-Founder

One of the truly amazing things about many people who reach the pinnacle of success is that they quickly understand there’s nothing more meaningful they can obtain for themselves and quickly turn their attention to helping and caring for others. Incidentally, some of us came to that conclusion without reaching the pinnacle of success as well.

Futurism has just published this story of some of those people talking about the same issues that we are raising on a regular basis about job loss and the effect it will have on the population. If you won’t take our word for it, take it from these guys. They are a lot smarter!

How do we combat the effects of net job loss? While there are mixed opinions about Universal Basic Income (UBI), one thing that everyone agrees on is that this is a problem that needs to be addressed soon. Automation is advancing and will have an effect on many jobs in the near future. It is up to the leaders of the world to ensure a system is in place so that every person has equal opportunities and the right to a minimum standard of living in this new world we are about to enter.

UBI could potentially provide this system. UBI guarantees you a minimum income, regardless of demographics and job status. It provides economic security for those whose jobs could be vulnerable to automation and AI. As technology advances and drives down the cost of living a comfortable life, UBI provides the opportunity to eventually eliminate poverty. We might not be ready for UBI right now, but entrepreneurs like Elon Musk, Bill Gates, Steve Wozniak and Mark Zuckerberg believe that the world will eventually need to head in that direction. Implementing UBI might not be as far off as many think.

If you like this article, you might enjoy reading The Importance of Work-Life Balance