UBI

It’s hard to avoid the constant prophecies of doom about how AI is going to take our jobs – with some of these already being borne out. However, AI leaders such as Elon Musk have declared that the population will be supported by Universal Basic Income (UBI) instead, in which the government will financially support everyone through the huge revenues produced by AI. “Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI,” Musk posted on X earlier this year. Musk imagines that we wouldn’t be unemployed but rather liberated – UBI would allow us to live without the mundane tasks of everyday life, like making PowerPoint presentations, writing emails or finding synergies in our deliverables.

‘Money for Nothing’ is more than just the name of a Dire Straits hit from 35 years ago. Today it’s the guiding principle of an increasingly wide spectrum of American political thought. Andrew Yang built his campaign for the 2020 Democratic presidential nomination on a call for a universal basic income — a $1,000 monthly payout from the federal government to every adult in the country. When Congress in March fumbled for something grand to do in response to the coronavirus crisis, a consensus quickly settled on sending out $1,200 checks to most Americans. But free money isn’t just an emergency measure or a faddish idea from the left.