“We’re not calling for universal basic income at this time,” Boaz Paldi, the UNDP’s COVID-19 crisis communications manager, told MarketWatch.
The basics of universal basic income and guaranteed basic incomeUniversal basic income, popularized by former Democratic presidential candidate Andrew Yang, is meant to provide a steady stream of income to people with no strings attached, similar to the stimulus checks Americans received as part of the $2.2 trillion CARES Act.
That’s different from guaranteed basic income, which is meant to ensure that lower-income people have enough money to afford basic necessities.
Critics of universal basic income say it would cause people to work less or search less for a new job, particularly if they are unemployed.
The cost of funding the universal basic income plan proposed by Yang, amounting to $1,000 a month for every American, could cost more than $4 trillion, according to one estimate.