Socialist correspondent

Podcast 27 - Universal Basic income


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Its advocates idealistically hope that Universal Basic Income (UBI) will change the world, undermining the logic of capitalism. But there are flaws in how possible schemes would operate. Most do not propose to pay an amount of money that people could actually live on with inevitable negative consequences. Some groups would lose out, it would tend to subsidise low-wage employers as people would still have to work and there would be tax increases on low and medium earners along with cuts to welfare spending to finance it. Nor is UBI only an idea of the left. Neo-liberals have proposed it as a way of further cutting and privatising services. To fulfill its utopian ideals UBI would need to be set at the level of a decent wage. To pay this to everyone would be mindbogglingly expensive especially when a progressive government would have many other priorities.
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