A universal basic income could provide financially precarious people with the money they need. And it would keep money flowing through the financial system.
Francis Townsend had a similar if less ambitious idea in the 1930s that never got through Congress but ended up making Social Security a lot more generous.
The cancellation of Ontario’s basic income pilot not only violates our ethical obligations to participants. It also means forfeiting a valuable research opportunity on income security.
Research shows that guaranteed basic income programs spur economies and improve mental and physical health. That’s why Ontario’s decision to scrap the province’s pilot project is such a bad idea.
It’s time to update the old agenda of the 19th century: less working time and more money for all, in the form of shorter work days and a universal basic income.
Providing citizens with a basic income has shown signs of success in lifting people out of poverty, but more importantly the idea is transforming the way we think about inequality.