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It could be argued that many American citizens
have lost hope. Some towns are riddled with

unemployment. Violence is rife. Gun crime
in some places is out of control. Look at

places like Detroit and Baltimore — some
of the highest murder rates in the United

States. Some people have turned to opioids
to ease the pain. Places like Huntington in

West Virginia have been ravaged by heroin.
150 out of every 1000 babies born in the state

are already addicted to opioids. Police claim
that 90% of their work involves drug-related

offences. In August 2016, they dealt with
28 overdoses in a single day. Huntington only

has a population of 47,000 — and it's
slipping. You can see on this chart the increase

in drug overdoses in the last 20 years in
the US, especially over the last five years.

Something has gone wrong in the United States.
With a US presidential election coming up
in 2020, it's only natural that some of

the candidates are trying to fix this mess.
Andrew Yang is one of those candidates. From

his Yang2020 campaign website, he states,
“I'm Andrew Yang, and I'm running for
President as a Democrat in 2020 because I

fear for the future of our country. New technologies
– robots, software, artificial intelligence

– have already destroyed more than 4 million
US jobs, and in the next 5-10 years, they

will eliminate millions more. A third of all
American workers are at risk of permanent

unemployment. And this time, the jobs will
not come back.”

Yang is running on one major idea that he
says will level the playing field in America

— universal basic income. That is, giving
money to all Americans, no strings attached.

He says,
“As president, my first priority will be
to implement Universal Basic Income for every

American adult over the age of 18: $1,000
a month, no strings attached, paid for by

a new tax on the companies benefiting most
from automation. UBI is just the beginning.

A crisis is underway—we have to work together
to stop it, or risk losing the heart of our

country. The stakes have never been higher.”
His words are not just pleasantries. Yang
has his own young family and is deeply concerned

about their future. He writes,
“I'm the father of two young boys. I know
the country my sons will grow up in is going

to be very different than the one I grew up
in, and I want to look back at my life knowing

I did everything in my power to create the
kind of future our children deserve—an America

of opportunity, freedom, equality, and abundance.”
So what is a Universal Basic Income?
“Universal Basic Income (UBI) is a form
of social security that guarantees a certain

amount of money to every citizen within a
given governed population, without having

to pass a test or fulfil a work requirement.
Every Universal Basic Income plan can be different

in terms of amount or design. Andrew Yang
is running for President as a Democrat in

2020 on the platform of Universal Basic Income.
The UBI he is proposing for the United States

is a set of guaranteed payments of $1,000
per month, or $12,000 per year, to all U.S.

citizens over the age of 18. Yes, that means
you and everyone you know would get another

$1,000/month every month from the U.S. government,
no questions asked.”

I know what many of you may be asking — How
would America pay for such a scheme?

“It would be easier than you might think.
Andrew proposes funding UBI by consolidating

some welfare programs and implementing a Value-
Added Tax (VAT) of 10%. Current welfare and social

program beneficiaries would be given a choice
between their current benefits or $1,000 cash

unconditionally – most would prefer cash
with no restriction.”

We already have a VAT in Australia — it's
called the GST. Actually, “160 out of 193

countries in the world already have a Value-Added
Tax or something similar”, so it's nothing

new.
Yang proposes that there will be four souces
to pay for the proposed UBI. They are,

1. Current spending. We currently spend between
$500 and $600 billion a year on welfare programs,

food stamps, disability and the like. This
reduces the cost of Universal Basic Income

because people already receiving benefits
would have a choice but would be ineligible

to receive the full $1,000 in addition to
current benefits.

2. A VAT. Our economy is now incredibly
vast at $19 trillion, up $4 trillion in the

last 10 years alone. A VAT at half the European
level would generate $800 billion in new revenue.

A VAT will become more and more important
as technology improves because you cannot

collect income tax from robots or software.
3. New revenue. Putting money into the hands
of American consumers would grow the economy. The

Roosevelt Institute projected that the economy
would grow by approximately $2.5 trillion

and create 4.6 million new jobs. This would
generate approximately $500 – 600 billion

in new revenue from economic growth and activity.
4. We currently spend over one trillion dollars
on health care, incarceration, homelessness

services and the like. We would save $100
– 200 billion as people would take better

care of themselves and avoid the emergency
room, jail, and the street and would generally

be more functional. Universal Basic Income would
pay for itself by helping people avoid our

institutions, which is when our costs shoot
up. Some studies have shown that $1 to a

poor parent will result in as much as $7
in cost-savings and economic growth.

And lastly, what are the benefits of a Universal
Basic Income?

UBI encourages people to find work. Many current
welfare programs take away benefits when recipients

find work, sometimes leaving them financially
worse off than before they were employed.

UBI is for all adults, regardless of employment
status, so recipients are free to seek additional

income on top of their UBI.
UBI reduces bureaucracy. It's easier to
implement a welfare program without complicated

eligibility requirements.
UBI increases bargaining power for workers
because a guaranteed, unconditional income

gives them leverage to say no to exploitative
wages and abusive working conditions.

UBI increases entrepreneurship because it
provides for basic needs in the early lean

days of a company and acts as a safety net
if the business fails.

UBI improves the mental health of recipients
because it reduces conditions of scarcity,

poverty, and financial insecurity, major sources
of stress for millions of people.

UBI helps people make smarter decisions. Studies
have shown that people in straits of economic

insecurity have a reduced cognitive ability
equal to 13 IQ points. UBI would provide the

security people need to focus on important
things like their families.

UBI improves physical health. With increased
economic security, people are less prone to

stresses, disease, and self-destructive behaviour.
A UBI experiment in Canada saw hospitalisation

rates go down 8.5%.
UBI increases art production, nonprofit work
and caring for loved ones because it provides

a supplementary income for those interested
in labour that isn't supported by the market.

UBI improves labour market efficiency because
fewer workers are stuck in jobs that are a

bad fit.
UBI improves relationships by reducing domestic
violence, child abuse, financial stresses,

and sources of conflict. It ensures that everyone
has an optimistic sense of his or her own

future and has the mobility to get out of
abusive relationships.

And there we go, that's Andrew Yang's
2020 presidential campaign in a nutshell.

Some Australians might be asking, “How does
this affect me?”. Well, it doesn't directly

affect you, but I can guarantee you if America
implements a universal basic income, Australia

will soon follow suit. It will be like a domino
effect around the world.

Anyway, feel free to check out Andrew's
Yang's Yang2020 website. I've got links

to it below. Most of the information in this
video was taken from that website. I'm hoping

Andrew won't mind as I'm trying to spread
his message.

Anyway, thanks for listening.
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Andrew Yang, Presidential Candidate, and His Universal Basic Income Promise

19 Folder Collection
王惟惟 published on April 29, 2019
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