Is Andrew Yang’s Universal Basic Income Plan Good for America?

Politics

universal basic income

The Democratic field is currently packed with interesting (and not so interesting) candidates. With a mere 19 months until the 2020 elections, many Dems are coming out of the woodwork. They feel that whoever makes the nomination should have an easy route against President Trump. So far, you might think that the word of the day is socialism. Another might just be universal basic income.

Socialism seems to be on the rise among young voters. So, in a bid to attract the future voters of America, many candidates are pulling out the stops. At the very least, they want to appear so in order to attract young votes. But one Democratic candidate wants you to know he’s definitely a capitalist.

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As a capitalist, Andrew Yang has a good idea he wants to share with Americans. He’s proposing a universal basic income payment to every American. He calls his plan a “Freedom Dividend”. This Freedom Dividend promises to give every American adult an additional $1,000 per month to help them get by.

Andrew Yang and Universal Basic Income

When you think of a universal basic income plan, you might thing Yang is a socialist. He is not. In fact, he claims to be very much on the side of capitalism. He might just be moderate enough to do well in the primaries and even pull some Republican support. He even founded a non-profit that helps train young entrepreneurs.

So, many might be asking how Yang proposes to pay for his Freedom Dividend. The answer sounds a little like socialism, but he says it’s not. He said companies like Amazon would fund his program. This company and many others get away with paying zero income tax. Therefore, they might feel compelled (probably by force) to supply the money.

“We all can see that Amazon paid zero in federal taxes last year despite record revenues. And so, ff we know that the big winners in the new technology age are going to be paying zero taxes then of course were not going to have enough money to go around,” said Yang.

“But if we follow other countries examples and create a mechanism where we all benefit from these innovations, then we can pay for a $1,000 dividend for every American adult. Our economy is up to a record $20 trillion. Just the problem is those benefits are not being felt by the average American family,” he said.

The Plan

Still, it doesn’t matter what your income is. Every American adult over the age of 18 would receive a universal basic income payment of $1,000. Just imagine what that would do for struggling Americans. Who couldn’t love that idea? One’s work or disability status wouldn’t matter. It would apply to EVERY adult.

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“Under my plan, the ‘Freedom Dividend,’ if you put $1,000 a month in the hands of every American consumer, a lot of that money would get circulated through economy over and over again and it would create hundreds of thousands of new jobs in main street economies around the country,” Yang said.

What do you think? Will this be something you support?

Last modified: April 22, 2019