Posted 8 years ago on Aug. 31, 2012, 4:04 p.m. EST by ubi
This content is user submitted and not an official statement
Unconditional Basic income is a particular form of guaranteed minimum monthly income, which gives all people access to some income irrespective of their current work performance or their past work performance. A guaranteed minimum monthly income in this sense is something which has existed in several European countries for a number of years, but unconditional basic income differs from the existing guaranteed minimum income along three dimensions: first, basic income is strictly individual, given to all people on an individual basis irrespective of their household situation; second, it is given to all irrespective of income from other sources (labor income or capital income); third, basic income is not subject to whether people are willing to work or not. It is not restricted to the involuntarily unemployed, but would be paid to everyone, including people who choose not to engage in paid work for example, housewives/househusbands, volunteers, students, many artists, caretakers, etc.
Unconditional basic income would coincide with the elimination of current income support programs, tax deductions, food stamps, SSI, medicaid, Sec 8, etc., substantially reducing the size of government on both the state and federal level.