Inspiring: Reimagining the Economy News Stories
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Community currencies — alternative forms of money sometimes also referred to as local or regional currencies — are as diverse as the communities they serve, from grassroots time-banking and mutual credit schemes to blockchain-based Community Inclusion Currencies. Local currencies were common until the 19th century, when the newly emerging nation states transitioned to a centralized system of government-issued money as a way of consolidating their power and stabilizing the economy. Far from being a neutral system of exchange, a currency is a tool to achieve certain goals. Inequality and unsustainability are baked into our monetary system, which is based on debt and interest with practically all the money ... being created by private banks when issuing loans. Well-designed community currencies eliminate two main sources of financial inequality: money’s perceived inherent value and the interest rates, which both incentivize people to hoard their money. Like the pipes that bring water to your house, money is the conduit that gives you access to goods and services. The value of money is created in the transaction. In 2015 it was estimated that almost 400 of them are active in Spain alone, and across Africa blockchain-backed systems, like the Sarafu in Kenya, help underserved communities do business without conventional money. Elsewhere, local currencies like the Brixton pound in the U.K. or BerkShares in Massachusetts are a way to keep money in the community, buffering it against the pressures of a globalized economy.
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In 2015, [Jo] Nemeth had quit her community development job, given the last of her money to her 18-year-old daughter Amy and closed her bank account. “I was 46, I had a good job and a partner I loved, but I was deeply unhappy,” Nemeth says. “I’d been feeling this growing despair about the economic system we live in.” Her “lightbulb moment” came when her parents ... gave her a book about people with alternative lifestyles. “When I read about this guy choosing to live without money, I thought, ‘Oh my God, I have to do that!’” The first thing Nemeth did was write a list of her needs. "I discovered I really didn’t need much to be comfortable. Then I just started ... figuring out how I could meet my needs without having any negative impacts.” For the first three years, Nemeth lived on a friend’s farm, where she built a small shack from discarded building materials before doing some housesitting and living off-grid for a year in a “little blue wagon” in another friend’s back yard. Instead of paying rent, Nemeth cooks, cleans, manages the veggie garden and makes items such as soap, washing powder and fermented foods. And she couldn’t be happier. She soon started tapping into the “gift economy” more deeply, giving without expecting anything in return, receiving without any sense of obligation. “That second part took a while to get used to,” she says. “It’s very different to bartering or trading, which involves thinking in a monetary, transactional way: I’ll give you this if you give me that. I actually feel more secure than I did when I was earning money,” she says, “because all through human history, true security has always come from living in community and I have time now to build that ‘social currency’. To help people out, care for sick friends or their children, help in their gardens. That’s one of the big benefits of living without money.”
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It’s 4pm on a Friday, and the staff at Home Kitchen, north London’s buzziest new restaurant, are prepping for another busy evening’s service. Not only is the restaurant run not-for-profit, but nearly all of the staff members have experienced homelessness: a first of its kind in the fine-dining industry. The project is run by a five-strong team, which includes two-time Michelin-starred chef Adam Simmonds and Soup Kitchen London director Alex Brown. Home Kitchen partnered with homelessness charity Crisis and social enterprise Beam to fill eight kitchen and eight front of house roles, when they opened their restaurant in autumn 2024. Other partners include the Beyond Food Foundation, the Only A Pavement Away charity and fellow charity, The Passage. Funded by a £500,000 crowdfunding drive and social investment loans, Home Kitchen provides staff with a comprehensive package that’s designed to help them avoid returning to homelessness. The 16 staffers are employed on full-time contracts, paid at London Living Wage, have their travel cards covered for zones one and two, and receive catering qualifications in addition to in-house training. The employee support offered by Crisis and Beam is ongoing, while the Home Kitchen team leaders take it upon themselves to check in with staff every day. “[There’s] a lot of support, a lot mentally. If someone’s upset, straight away they’ll take them to a corner and be like: ‘Talk to me, what’s happening?’ It’s really, really, really nice,” [French-Algerian chef] Mimi says. At the end of daily service, the team sit down and break bread (literally) with a communal meal. “It’s a brilliant team. Everybody supports everybody,” adds Jones, with a smile. “When service starts, we’re all equal.”
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In January 2024, The GivingBlock, one of the largest crypto donation platforms, reported that crypto donations had reached more than $2 billion, projected to exceed $10 billion by 2032. Crypto donors, who are largely millennials, contribute on average 128 times more per donation than cash donors. By leveraging tax incentives like capital gain offsets to eliminate taxes on donations, crypto giving is as financially smart as it is impactful. But the benefits of crypto giving go far beyond the financial incentives. Social impact is embedded in the foundation of Web 3. This new economy is fueled by cutting out traditional middlemen, banks, and allowing transparent, secure, and borderless peer-to-peer payments. No ID or passport is needed. This allows people, especially the unbanked, to have full control of their assets with minimal fees. Ethereum co-founder Vitalik Buterin has championed using memecoin momentum for good, saying, “I want to see quality fun projects that positively impact the ecosystem and the world.” He donated nearly $2 million in memecoin winnings to charities, including $532,000 to the Effective Altruism Fund's Animal Welfare Fund and over $1 million to the United Humanitarian Front, an organization providing grants to humanitarian relief initiatives in Ukraine. New Story, a nonprofit building homes to alleviate homelessness worldwide, partnered with artist Brian Ku to release a limited edition series of NFTs where each sale provided a 3D house for a family in Latin America.
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Bitcoin usage in emerging markets is increasing rapidly. And while it’s true that Bitcoin can be a better alternative for unbanked peoples who don’t have the means, access, or even the basic proof of identity to open a bank account, it turns out its biggest benefit today for many people is that Bitcoin is censorship-resistant. In other words, government cannot throttle, control or monitor your behavior as they can in the legacy financial world. In 2020, protests against the government erupted in Lagos and across Nigeria because of the brutal and illegal actions of a unit in the police force. Within days, groups supporting the protesters had their bank accounts frozen. With no other option, they turned to Bitcoin, raising funds that sustained the movement. Peer-to-peer Bitcoin transactions can be zero-fee, a big break from the much higher fees many in Africa are forced to pay for basic financial services, such as those for remittances, which are on average closer to 9%. Alex Gladstein, chief strategy officer for the Human Rights Foundation, has identified a number of other countries, including China, Russia, Belarus, and Myanmar, where the government uses the monetary and banking systems to silence dissidents. Recent deplatforming by big social media companies of certain groups and individuals ... has raised concerns about similar risks in financial services, where banks can limit access to bank accounts, credit cards, and so forth.
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The arrest of Telegram’s founder and the takedown of Simply Bitcoin’s Youtube channel for violating Youtube’s “harmful and dangerous” policy ... speaks to the power of corporations to mediate the reach of speech. French authorities have claimed that Durov was arrested, for among other things, providing “cryptology” tools. States couch their control of virtual space as an extension of their physical authority. Platforms and individuals are held to account for “crimes” being perpetuated on virtual space. One common thread is ... the idea of “misinformation.” Another is to use the most heinous crimes in a witch hunt - child abuse sexual material for example. Another favorite is “terrorism.” Networks like Bitcoin and Nostr are more needed than ever. They both give people geographic arbitrage, the ability to operate without corporate leadership, and a hedge against state repression. The network cannot be shut down or threatened to change its rules as quickly and as easily as arresting one CEO. Is the idea of “decentralization” possible in a world where states can arrest CEOs and founders? Nothing can prevent somebody from exchanging funds with one another using Bitcoin or expressing something on Nostr. Usage of these networks in a peer-to-peer manner with an array of self-custody wallets and clients shows a popular demand for privacy, encryption, and transmitting value without the prying eyes of the state.
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Cryptocurrencies represent the marriage of decentralized networks (what we commonly know as the internet today) and assets like money. [Cryptocurrency] uniquely enables new solutions to otherwise intractable technological and social problems. Users often lose control over their personal information online, either all at once through platform hacks or bit-by-bit in the opaque world of online advertising and data brokers. A major issue is that the business model of big tech firms is advertising, creating an incentive to aggregate data into a single database, creating a “honeypot” for hackers. Blockchains can enable a new form of digital identity document for the web. Using these credentials, users can authenticate for services without having to divulge as much personal information. Traditional payment systems are often slow, costly and inaccessible to many. Cryptocurrencies backed by real-world currencies, dubbed “stablecoins,” provide an efficient alternative for global transactions. In 2023, stablecoins accounted for $4.5 trillion of crypto transaction volume on blockchain networks. Even digital payments giant PayPal announced the launch of its stablecoin earlier this year. Traditional humanitarian aid often suffers from inefficiency, lack of transparency and corruption, undermining its effectiveness and trustworthiness. Blockchain offers a solution by providing a transparent, traceable and secure system for humanitarian aid. A recent UN pilot [provided] aid directly to families affected by the war between Russia and Ukraine. The entertainment industry is famously concentrated, causing writers and actors to recently go on strike ... demanding better pay and new contract clauses. Blockchain technology enables more democratic digital economies through non-fungible token (NFTs) marketplaces like Zora, and decentralized autonomous organizations (DAOs) like CreatorDAO, allowing creators and artists to take advantage of online marketplaces and earn fair compensation for their contributions.
Note: Watch our latest video on the potential for blockchain to fix government waste and restore financial freedom. Explore more positive stories like this on technology for good.
Time banks offer an alternative, powered by 21st-century technology, to the U.S. dollar. About 70 exist across the country — some with a few members, others with hundreds — to give value to work that members say often goes uncompensated in a traditional market economy. The Silver Spring Time Bank formed in 2015 and has about 300 members, said co-founder Mary Murphy. Last year, she said, 1,000 hours were exchanged for basic home repairs, dog walking, cooking and tailoring, among other services, without the exchange of money. “You get to save that money that you would have spent,” she said. “You get to meet somebody else in your community and get to know that person. That's a bonus.” Edgar S. Cahn, an 84-year-old law professor who had worked on civil rights and anti-poverty legislation in president Lyndon B. Johnson’s Justice Department, suffered a heart attack in 1980. He said doctors gave him two years to live, with “maybe two good hours a day. I thought: What do I do with two good hours a day?” he said, having beaten doctors’ expectations by nearly four decades. “I have to teach people to value themselves ... We’re all trained as human service professionals: 'How can I help you?'' ” he said. “None of us is trained to say: ‘How can you make a difference?’ I need you as much as you need me.” Cahn became a proselytizer for what he called the “time dollar” — a currency in which an hour of work is worth an hour of work, whether it’s performed by a maid, a mechanic or a mechanical engineer. In 1995, he founded the D.C. nonprofit TimeBanks USA, which developed the software used by many time banks around the world. Time banks can serve as small-business incubators and a way for seniors to remain active after retirement.
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When 94-year-old Bob Moore died in February, Bob's Red Mill not only lost its founder but also the face of the company, literally — he's on every package. But in 2010, the natural foods company initiated a process that would help prepare it for Moore's eventual passing. Moore, who founded the whole-grain food company in 1978 and turned it into a global empire, decided to transfer ownership to its more than 700 employees. By 2020, Bob's Red Mill was entirely employee-owned. "By becoming 100% employee-owned, we knew that when Bob passed that we would control our future," Trey Winthrop, the company's CEO since 2022, [said]. Moore said he frequently fended off large corporations that wanted to buy them out. But because of the employee-ownership program, Winthrop, who has worked at Bob's Red Mill for 19 years, said he did not have to worry about an external threat coming in and trying to buy up shares. Bob's Red Mill is one of about 6,500 American companies that operate with an Employee Stock Ownership Plan, or ESOP. The largest majority employee-owned company in the US as of November is Publix, a Florida-based supermarket chain. Winthrop ... said being employee-owned boosts employee engagement and retention. He said it creates a two-way street of communication, where the company can share financials with employees and workers are given a voice, in part through being active in committees.
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Since religious riots tore across the central Nigerian city of Jos two decades ago, its Muslim and Christian residents have largely kept apart. They have their own neighborhoods. They vote for different political parties. But the cost-of-living crisis that has swept Nigeria over the past year has blurred some of those boundaries. “If there is hunger in the land, the hunger that the Christian is feeling is not different from the hunger the Muslim is feeling,” observes Tony Young Godswill, national secretary of the Initiative for a Better and Brighter Nigeria, a pro-democracy group. When nationwide anti-government protests broke out in early August, hungry, angry Jos residents from all backgrounds poured into the streets. When Muslim demonstrators knelt to pray on a busy road one Friday afternoon, hundreds of Christian marchers spontaneously formed a tight, protective circle around them. Nigeria’s protests began in response to the soaring costs of food and transport over the past year and a half, which have more than doubled in some cases. Protesters blame the economic stabilization policies of President Bola Tinubu, which have included removing a heavy subsidy on petrol and devaluing the naira, Nigeria’s currency. In Abuja, the capital, Ibrahim Abdullahi was among those who marched. As a Muslim, he says he previously thought it was inappropriate for him to protest against a fellow Muslim like Mr. Tinubu. Now, he held a placard that read “We regret Tinubu.”
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Consider the Norwegians, who experienced extreme polarization at the same time as the Germans did. The Norwegian economic elite organized against striking laborers and produced a polarized country that included both Nazi Brown Shirts goose-stepping in the streets and Norwegian Communists agitating to overthrow capitalism. The politician Vidkun Quisling, an admirer of Hitler, organized in 1933 a Nazi party, and its uniformed paramilitary wing sought to provoke violent clashes with leftist students. Quisling reportedly held discussions with military officers about a possible coup d’etat.The stage was set for a fascist “solution.” Instead, Norway broke through to a social democracy. Progressive movements of farmers and workers, joined by middle-class allies, launched nonviolent direct action campaigns that made the country increasingly ungovernable by the economic elite. The majority forced the economic elite to take a back seat and invented a new economy with arguably the most equality, individual freedom, and shared abundance the developed world has known. The key to avoiding fascism? An organized left with a strong vision and broad support. Grassroots movements built a large infrastructure of co-ops that showed their competency and positivity when the government and political conservatives lacked both. Additionally, activists reached beyond the choir, inviting participation from people who initially feared making large changes. Norwegians also ... chose nonviolent direct action campaigns consisting of strikes, boycotts, demonstrations, and occupations. Norway therefore lacked the dangerous chaos that in Germany led the middle classes to accept the elite’s choice of Hitler to bring “law and order.”
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More than 800 people were selected to participate in the Denver Basic Income Project while they were living on the streets, in shelters, on friends’ couches or in vehicles. They were separated into three groups. Group A received $1,000 per month for a year. Group B received $6,500 the first month and $500 for the next 11 months. And group C, the control group, received $50 per month. About 45% of participants in all three groups were living in a house or apartment that they rented or owned by the study’s 10-month check-in point, according to the research. The number of nights spent in shelters among participants in the first and second groups decreased by half. And participants in those two groups reported an increase in full-time work, while the control group reported decreased full-time employment. Parents of kids under 18 ... reported statistically significant improvements in “parental distress” after receiving money for 10 months. Researchers tallied an estimated $589,214 in savings on public services, including ambulance rides, visits to hospital emergency departments, jail stays and shelter nights. The $9.4 million project was funded by a mix of public and private money, including $1.5 million from The Colorado Trust and $2 million from the city of Denver’s pot of federal pandemic relief money.
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It was six years ago when CEO Dan Price raised the salary of everyone at his Seattle-based credit card processing company Gravity Payments to at least $70,000 a year. Price slashed his own salary by $1 million to be able to give his employees a pay raise. He was hailed a hero by some and met with predictions of bankruptcy from his critics. But that has not happened; instead, the company is thriving. He said his company has tripled and he is still paying his employees $70,000 a year. "I make $70,000 a year," Price [said]. According to the Economic Policy Institute, average CEO compensation is 320 times more than the salaries of their typical workers. Price said despite the success his company has had with the policy, he wishes other companies would follow suit. "I would say that's the failure of this. You know, I feel like I've been shouting from the rooftops like, 'This works, this works, everybody should do it!' and zero big companies are following suit because the system values having the highest return with the lowest risk and the lowest amount of work," Price said. Price thinks Gravity's returns are up in large part because bigger paychecks have lead to fiercely loyal employees. "Our turnover rate was cut in half, so when you have employees staying twice as long, their knowledge of how to help our customers skyrocketed over time and that's really what paid for the raise more so than my pay cut," said Price.
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“Community-owned cooperative real estate” ... was developed a decade ago by a nonprofit legal group and a nonprofit neighborhood group in Oakland, Calif., and has been refined by legal and development groups in Atlanta, Boston, Minneapolis, Philadelphia, Portland, Ore., and other cities. The cooperative strategy enables neighborhood groups to finance unconventional construction or renovation projects that banks and institutional lenders, which prefer strong cash-flow operations, won’t touch. Much of the approach stems from efforts by the federal and local governments to make it easier for small investors to put money into real estate developments. Federal rules once barred small investors — those whose net worth is less than $1 million or who make less than $200,000 a year in income — from participating in development projects; that changed in 2015. At the same time, a few states enacted laws allowing small investors to put their money into local developments. “Until that change, 90 percent of the residents in a community couldn’t make direct investments in a real estate project,” said Chris Miller [with] the National Coalition for Community Capital, a nonprofit group. “Michigan allows nonaccredited investors to invest up to $10,000 in a project now.” In Oakland, the East Bay Permanent Real Estate Cooperative is widely credited with being one of the first community groups to apply the community-owned cooperative concept to a neighborhood project.
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You can’t help but applaud Nick Romeo for showing the workable alternatives to capitalism and the moral driver behind them – everything from the way companies are incorporated to how employees are hired, paid and enabled to share in the value they create. There is no need for ordinary workers to be pawns in a system that makes humanity and ethics secondary to the unbending logic of the marketplace and blind, selfish capital. He takes us to the Marienthal job guarantee programme in Austria. Today the town is piloting the impact of a universal jobs guarantee for all of its out-of-work citizens. Essentially there is a job for anyone unemployed for more than 12 months – you can even have a hand in designing what it is you will do with your time when you work – and you get paid up to £2,000 a month. People opt to work rather than receive welfare benefit, and there is ample evidence it raises their self-worth while delivering a service – care to the elderly or tidier parks – that was not there before. Better still, it costs the state virtually nothing because unemployment benefit is simply transferred to the now employed worker’s pay packet. Romeo takes his reader from one inspiring example to another – from the Purpose economy programme in the US, in which firms are dedicated to delivering greater purpose in perpetuity, to examples of companies paying genuine living wages to their employees to encourage commitment. Around 7,000 B Corps, which commit in their founding constitution to put social goals before profit, now trade in more than 90 countries – there were effectively none 25 years ago.
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What if there was a way to create more community, instill a deeper sense of belonging, and begin bringing healing to the vast sense of isolation experienced in modern Western culture? The Gift Circle, as founded by Alpha Lo and spread by Charles Eisenstein, is a group facilitation format that holds great possibility as a way to match resources with needs, create community and inspire gratitude and generosity. The goals of a Gift Circle are simply to provide a warm, free, and welcoming space for community to gather and share Gifts and Needs, most often while literally sitting in a circle. The Gift Circle format [provides] a sense of psycho-spiritual belonging and connection to ameliorate the vast sense of alienation and scarcity experienced by so many. We would eat and socialize a bit, then gather sitting in a circle, and go around the circle with each person speaking what gift they’d enjoy sharing with the community. For instance someone might offer giving a massage, making a custom mix CD, giving a life coaching session, dance class, or a home-cooked meal – the gifts were generally more service-oriented, though there was an occasional item gifted as well, like a futon or pair of headphones. Most importantly, there would be a time at the end where we’d leave 20-30 min for givers and receivers to connect with one another directly and coordinate a time to meet up later to give or receive whatever it was. It was highly encouraged to schedule the gift or need session during that meeting, while the energy was still fresh.
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On the outskirts of Austin, Texas, what began as a fringe experiment has quickly become central to the city’s efforts to reduce homelessness. To Justin Tyler Jr., it is home. Mr. Tyler, 41, lives in Community First! Village, which aims to be a model of permanent affordable housing for people who are chronically homeless. In the fall of 2022, he joined nearly 400 residents of the village, moving into one of its typical digs: a 200-square-foot, one-room tiny house furnished with a kitchenette, a bed and a recliner. Eclectic tiny homes are clustered around shared outdoor kitchens, and neat rows of recreational vehicles and manufactured homes line looping cul-de-sacs. There are chicken coops, two vegetable gardens, a convenience store ... art and jewelry studios, a medical clinic and a chapel. In the next few years, Community First is poised to grow to nearly 2,000 homes across three locations, which would make it by far the nation’s largest project of this kind, big enough to permanently house about half of Austin’s chronically homeless population. Many residents have jobs in the village, created to offer residents flexible opportunities to earn some income. Last year, they earned a combined $1.5 million working as gardeners, landscapers, custodians, artists, jewelry makers and more. Ute Dittemer, 66, faced a daily struggle for survival during a decade on the streets before moving into Community First five years ago with her husband. Now she supports herself by painting and molding figures out of clay at the village art house. A few years ago, a clay chess set she made sold for $10,000 at an auction. She used the money to buy her first car.
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A time bank does with time what other banks do with money: It stores and trades it. “Time banking means that for every hour you give to your community, you receive an hour credit,” explains Krista Wyatt, executive director of the DC-based nonprofit TimeBanks.Org, which helps volunteers establish local time banks all over the world. Thousands of time banks with several hundred thousand members have been established in at least 37 countries, including China, Malaysia, Japan, Senegal, Argentina, Brazil and in Europe, with over 3.2 million exchanges. There are probably more than 40,000 members in over 500 time banks in the US. Many time banks are volunteer community projects, but the one in Sebastopol, [CA] is funded by the city. “Every volunteer hour is valued around $29,” Wyatt calculates. “Now think about the thousands of dollars a city saves when hundreds of citizens serve their community for free.” The Sebastopol time bank has banked more than 8,000 hours since its launch in 2016. Five core principles ... guide time banks to this day: First, everyone has something to contribute. Second, valuing volunteering as “work.” Third, reciprocity or a “pay-it-forward” ethos. Fourth, community building, and fifth, mutual accountability and respect. “What captured me is that people are doing things out of their own good heart,” Wyatt says. “Many years ago, a woman ... said to [civil rights lawyer] Edgar Cahn, ‘I have nothing to give.’ Edgar Cahn listened and finally responded, ‘You have love to give.’ And the whole room just went silent.” Every hour of service is valued the same, no matter how much skill and expertise a task takes, whether it’s an hour keeping someone company, helping them file their taxes or repair a roof.
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Direct cash programs are growing across America, offering a path out of poverty through economic mobility. During a two-week period in 2022, nearly a quarter of a million people in the Chicago area applied for the Cook County Promise Guaranteed Income Pilot, the nation's largest direct cash pilot, and ultimately 3,250 families were randomly selected to get $500 a month for two years. Similar direct cash initiatives have changed the physical, emotional, and economic lives of families that participate. Children are better cared for, and they excel in school. Adults experience improved health and stronger familial relationships. And crucially, when recipients have economic stability, they can plan and invest in their futures—many, for the first time in their lives. The Stockton SEED project, which gave $500 a month for two years to 130 people, saw results that mirrored prior direct cash research. The study ... found that the expansion of finances and the predictable, stable source of income brought by the program created "self-determination and capacity for risk-taking not present prior," meaning that when participants could predictably afford child care, transportation, and training programs they had the financial freedom to invest in their own futures. People have big ambitions, no matter the size of their bank account. For most Americans facing economic struggles, their chief problem is a lack of cash, and not a lack of character.
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Michael Tubbs had just been elected the youngest and first Black mayor of Stockton, California, when he announced his intention to launch what would be the country’s first universal basic income program in decades. The year was 2017, and the plan was to pay some residents $500 a month, no strings attached. In the years since his announcement ... the 125 participants of the Stockton program showed that they used that extra $500 a month not for luxuries or frivolities, but to pay off debt, obtain full-time jobs and get medical treatment like dental work that they had put off for years because they could not afford it. Now, more than 100 cities and jurisdictions around the country have launched their own guaranteed income programs. The basis of guaranteed income is simple: poverty, a problem at the crux of so many societal woes, can be solved with money and it is the government’s job to solve it. It’s a guaranteed monthly income without the requirements that come with a welfare program – requirements that often keep recipients in poverty when the program benefits outweigh any job or income advancement they could make. “We’re talking about like life-changing impacts for a very small amount of dollars, in the grand scheme of things,” Tubbs said. The Stockton program was originally funded by a grant from the Economic Security Project, but some programs today are drawing directly from their governmental budgets.
Note: A documentary about the Stockton program titled "It's Basic" was recently featured at the Tribeca Film Festival. Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
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