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Silicon Valley‘s Universal Basic Income Vision: Preparing for an Automated Future
The Immediate Case for Universal Basic Income: Addressing Present-Day Needs
In 2019, a significant study called the Unconditional Income Study began aiming to explore the impacts of Universal Basic Income (UBI). This study provided $1,000 monthly to recipients in Illinois and Texas. According to Fast Company, the findings released recently showed that this money improved financial flexibility without discouraging people from working. This study was notably backed by OpenAI CEO Sam Altman who marked it as a major experiment in UBI from Silicon Valley. The concept of UBI isn’t new to Silicon Valley. Andrew Yang a former tech executive and 2020 presidential candidate was one of the early proponents. He proposed a “freedom dividend” of $1,000 monthly to help people cope with job losses due to automation. In 2016, Y Combinator launched its Basic Income Project and other tech figures like Elon Musk and Twitter cofounder Jack Dorsey have also supported UBI.
Despite these efforts and backing from influential tech figures UBI has not gained significant traction on a national level. So, why is Silicon Valley so interested in UBI? Many tech giants believe that as automation and artificial intelligence replace jobs UBI could help maintain economic stability. Yang argued that UBI would help Americans transition during the economic changes brought by AI. Altman even called UBI an “obvious conclusion.” However, not everyone agrees with this futuristic framing. Karl Widerquist an economist believes that the present reasons for UBI are more pressing than the future ones. He argues that the focus should be on the immediate benefits of UBI rather than its potential future necessity. Interestingly, UBI also finds support across the political spectrum. Some see it as a way to balance progressive and libertarian ideals. Liz Fouksman a social justice professor notes that UBI can fit into a libertarian viewpoint where people receive money and then manage it themselves.
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Why the Tech Industry is Backing Universal Basic Income – All You Need to Know! (PHOTO: UNC College of Arts and Sciences)
The Political and Financial Hurdles Facing Universal Basic Income
Furthermore, despite some local successes like a potential $750 guaranteed check in Oregon UBI hasn’t made much progress federally. Widerquist suggests that UBI’s political challenge is not about its effectiveness but whether society wants what Universal Basic Income offers. Many pilots like Altman‘s don’t address funding origins which is crucial since implementing UBI would likely require higher taxes or cuts to other programs. Juliana Uhuru Bidadanure a philosophy professor highlights that even with positive data there’s a persistent myth that unconditional cash promotes laziness. Widerquist also points out that true support from the tech industry would need them to advocate for self-taxation to fund UBI something he doubts they are willing to do.
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