Is a Universal Basic Income Program Possible in the U.S.?

With the rapid advancement of automation and artificial intelligence, the question of a universal basic income (UBI) program in the U.S. has become increasingly relevant. The challenge now lies in balancing societal pressures and political resistances. However, the feasibility of implementing a UBI program is not without significant hurdles.

The Reality of UBI Implementation

Many argue that a UBI program is inevitable given the rise of automation, but the prospects for implementation are less certain. A UBI involves redistributing wealth and income, which is often viewed as taking money from one group and giving it to another. This approach is framed as wealth and income redistribution, and it is seen as a way to address economic inequalities.

However, supporters of UBI must acknowledge that there is no such thing as free government money. Any UBI scheme would require increasing taxes on those who earn to fund the program. For instance, if a UBI of $1000 per month were to be introduced, half the population would need to be taxed an additional $2000 per month to cover the cost. This highlights the complexity and political challenges involved.

Alternative Approaches to Addressing Economic Disparity

Instead of a single policy, a more nuanced approach could be taken by leveraging existing legal and physical infrastructure. By promoting equal protection under the law for all citizens, we can address issues such as unemployment benefits and homelessness.

For example, why should we condone unequal protection of our at-will employment laws, which protect some workers while leaving others vulnerable to economic instability? More focus should be placed on promoting and providing for the general welfare through public policies that ensure equal protection of the laws. This can help reduce poverty and homelessness and ensure that all citizens are treated fairly.

Debt and Fiscal Constraints

Another major obstacle to a UBI program is the current level of government debt. The U.S. currently holds $34.7 trillion in debt, with an additional trillion added every 100 days. The interest on this debt is expected to become the highest budget item, surpassing defense and other major expenditures.

Furthermore, trillions of old government bonds with very low interest rates will need to be refinanced in the coming years. These new bonds will carry interest rates that are four times higher than the original rates. This constrained financial situation means that there is no room for additional programs; taxes will likely need to be raised, and spending will need to be cut.

In conclusion, while the idea of a universal basic income program may seem appealing, the practical challenges and fiscal constraints make it a difficult and highly unlikely proposition in the near future.

Keywords: universal basic income, UBI, government debt