The Rise and Challenges of Guaranteed Income Movement

Over the past few years, the tech community has been experimenting with no-strings-attached payments ranging from $500 to $1,000 per month for those facing financial hardships. These initiatives have notably taken place in Silicon Valley, where the cost of living is exorbitant, making basic necessities like housing unaffordable for many.

Silicon Valley’s support for these endeavors has propelled the concept of guaranteed income, also known as cash transfers, unconditional cash, and in its idealistic form, universal basic income, into the mainstream. Despite promising results from various programs, there is now a fracture in the bipartisan political consensus surrounding the movement.

In recent developments, the Texas attorney general has taken legal action to block public funds from being utilized in a basic income program in Houston, while Republican-led states like Iowa, Idaho, and South Dakota have prohibited similar initiatives. On the other hand, a veto by the Arizona governor prevented a ban on such programs.

Amidst these challenges, there have been victories for the guaranteed income movement. For instance, Oregon is likely to feature a proposal for a statewide basic income program on the upcoming ballot, aiming to provide $750 annually to each state resident, funded through a 3% tax on corporations with revenue exceeding $25 million.

This period is crucial for guaranteed income, a concept endorsed by prominent figures like Sam Altman of OpenAI, Elon Musk of Tesla, Jack Dorsey of Twitter, and Marc Benioff of Salesforce. The results of the Unconditional Income Study, set to be released on Monday, mark a significant milestone in the movement. The study, spearheaded by Mr. Altman, is the largest direct income program conducted to date.

Mr. Altman, a leading advocate of the AI revolution, emphasizes that the rapid advancement of artificial intelligence may eventually render certain jobs obsolete, necessitating the need for a guaranteed income. The implications of this study and the ongoing debates surrounding guaranteed income have far-reaching consequences for the future of work and social welfare.