Mar 4, 2017

A Universal Basic Income? Slow Your Roll, Silicon Valley

Posted by in categories: economics, employment

While there are different flavors of the UBI, the basic concept is that everyone just gets money for existing—this, in theory, would help keep the economy running smoothly even as people are working less.

“Sounds like a communist scheme” jokes Pethokoukis. But he explains how this is actually a very old idea that has its roots on the political right as a way to simplify the welfare state. It’s an idea that’s really taken off among the libertarian-leaning luminaries of the tech world in recent years.

“Silicon Valley has sort of latched on to this idea. They have the most aggressive timetable as far as when we will actually see all these jobs hemorrhage,” explains Pethokoukis.

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