What Would Happen If Everyone Got $1,000 a Month? (UBI Theory Explained)
Published: 2024-08-05
Status:
Available
|
Analyzed
Published: 2024-08-05
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
40-50% of jobs are predicted to be automated in the near future.
"research shows we're just a couple years away from that reality because 40 to 50% of all jobs will soon be automated"
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A UBI of $1,000 per month could lift many out of poverty.
"a Ubi of just $1,000 a month could help a lot of those people out of poverty"
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UBI could stimulate the economy by increasing consumer spending on essentials like food and rent.
"Ubi could act like an economic stimulus to boost consumer spending because when people have more money they tend to spend it on things like food and rent which helps with economic growth"
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Due to widespread automation impacting all fields, a universal basic income will likely become necessary to address the resulting social challenges.
"every single field is going to be touched by autom this is going to be a massive social challenge um and I think ultimately we will have to have some kind of universal basic income"
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Implementing a UBI of $1,000 per month for every individual would cost the US economy approximately $4 trillion annually.
"if we were to give every just $11,000 a month it would cost the US economy about $4 trillion a year"
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Canada's Mincom test in the 1970s showed improvements in healthcare and higher graduation rates.
"in the 1970s for example Canada was running the mincom test where they gave the whole town of dolphin Manitoba a basic income and what they found was an improvement to health care and higher graduation rates"
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Brazil's Bolsa Familia program reduced extreme poverty and income inequality significantly between 2002 and 2012.
"Brazil has been running an experiment of their own for decades called the Bolsa Familia or PBF which helped around 20 million people out of poverty from 2002 to 2012 the percentage of Brazilians living on very little money dropped from 8.8 to 3.6% and income inequality was lowered"
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Finland's UBI experiment found no significant impact on work desire but did increase happiness and lower stress levels among recipients.
"Finland which is considered to be one of the most advanced welfare states in the world tried their own experiment for a whole 2 years they gave 2,000 unemployed citizens a monthly income and what Finland discovered was that their program didn't really have much of an effect on people's desire to work l less or work more but it did increase their happiness and it lowered their stress levels"
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Germany's 2014 UBI experiment showed reduced anxiety, increased educational pursuits, and higher work motivation among recipients.
"Germany also tried their own experiment in 2014 where they gave people $1,100 a month for one whole year and the result was 80% of recipients said the income made them less anxious more than half said it allowed them to continue their education and 35% said they now felt more motivated at work"
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A UBI experiment in Barcelona, Spain, showed no significant impact on willingness to work but did improve participants' mental health.
"in 2017 Spain also o tried this for Barcelona's poorest households and they gave people almost $2,000 a month and the results again showed not much of an effect on people's willingness to work but people did report feeling an improvement to their mental health"
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A private UBI experiment in Japan resulted in decreased divorce rates and a significant increase in happiness for over 70% of recipients.
"in Japan there was a billionaire who ran his own private experiment he gave out $9 million spread out amongst a thousand people the results a decrease in divorce rates and More than 70% of recipients saying they experienced a significant increase and happiness"
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A three-year US study (Nov 2020 - Oct 2023) provided $1,000/month to participants with an average household income of $30,000.
"the study ran from November 2020 to October 2023 and it split people into two different groups the first group group was given $1,000 every single month and the other group known as the control group was given $50 a month now the average household income of people that got any money was about $30,000 a year and after 3 years of running this experiment the results are in"
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US study participants receiving UBI spent an average of $310 more per month, primarily on food, rent, and car expenses.
"on average people spent $310 more per month mostly on food rent and car expenses"
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Participants in the US UBI study reduced their work week by an average of 1.3 hours, equivalent to about 8 days per year.
"the average work week also went down by 1.3 hours which adds up to about 8 days per year"
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The US UBI study found negligible improvements in physical health and nutrition, with measured benefits being too small to be significant.
"we find essentially no evidence of improvements in physical health any benefits in nutrition and blood samples that they measured were so small that they had to rule them out"
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US UBI recipients increased their use of hospitals, doctors, and dentists, spending an additional $20 per month on medical care.
"the recipients went to hospitals doctors and dentists more often and they spent about $20 more a month on Medical Care"
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The primary benefit of UBI, according to the US study, was enabling people to prioritize their spending beyond just immediate needs like food.
"the biggest benefit of a basic income is that it allowed people to prioritize how they spent their money instead of always having to prioritize something like food"
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In 1969, President Nixon was close to approving a basic income bill that would have provided $1,200 per month (in today's money) to a family of four.
"in 1969 that's when President Nixon was on the edge of accepting a basic income bill that would have given a family of four about $1,200 a month in today's money"
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Happiness increases with income up to a certain point; relative income and income growth are stronger indicators of happiness than absolute income.
"happiness does go up with money but it only goes up to a certain point and subsequent studies show that the bigger indicator of happiness is not absolute income it's relative income and income growth"
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Happiness is found in the gap between reality and expectation, specifically on the journey from one's current state to their desired future state.
"I have this weird crazy Theory that happiness can be found between reality and expectation we can find happiness on the journey between two spaces of where we are today and where we want to be"
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