A universal basic income (UBI) would replace a countries social welfare system and state pension schemes. Everybody in the state would get a basic income regardless of whether they were employed or unemployed.
Everybody in the state would receive a UBI sufficient to have a frugal but decent lifestyle without supplementary income from paid work. Any income made apart from the UBI would be taxed at a set rate.
Sounds mad at first but if there is logic in it. The possibilities for welfare fraud would be minimized, the bureaucracy involved in running a welfare system would bring savings and i am sure employers would welcome this system.
With UBI there would be no minimum wage. Menial jobs would become worthwhile doing.
UBI would foster entrepreneurship and make it a lot easier for small business owners to get started. With the benefit of a basic income business owners would have a good foundation to start with, a security net of sorts.
Society would benefit from the creative work that artists etc would be free to spend their time on.
Mad or could it work ?
Prepares for lots of "theft"
Edited by Ignatius Cock, 28 May 2012 - 03:51 PM.