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Free cash for everyone? Stockton, Calif.'s mayor plans to see if it works
Key Excerpts from Article on Website of CNN News
Posted: February 5th, 2018
http://money.cnn.com/2017/10/27/news/economy/stockton-univer...
Growing up in Stockton, California, a little extra money would've meant the world to Michael Tubbs' family. Tubbs' mother worked long hours ... and still had to borrow from check cashing places to get by. "If we had $300 a month, life would be less stressful," Tubbs says. Today, Tubbs is Stockton's 27-year-old mayor. Last week, he announced the launch of an experimental program that will give people like his mom about $500 a month, with no strings attached. Stockton will likely become the first city in the nation to test out a version of universal basic income, an economic system that would regularly provide all residents enough money to cover basic expenses, with no conditions or restrictions. The concept of universal basic income - or UBI - has been around for decades. Martin Luther King advocated for it in 1967 to create a minimum standard of living. Up until recently, it has mostly been a subject of discussion among academics. But universal basic income has started to gain traction as poverty has grown and fears of automation killing jobs have mounted. Large-scale trials began this year in Finland and Canada to test whether the program improves outcomes like health and employment. A ... non-profit called the Economic Security Project has committed $1 million to the Stockton effort, with funding from donors that include Facebook co-founder Chris Hughes. Backers hope larger cities and states will eventually adopt universal basic income programs.
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