UBI Already Exists, We Just Need to Redistribute It

Capital's share is more than enough money to finance a universal basic income.

The Hamptons in the Summer

People enjoy an afternoon at the Mercedes-Benz Polo Challenge on July 21, 2001 in Bridgehampton, NY.(Spencer Platt / Getty Images)


Max Sawicky has a piece in Jacobin that again repeats the clearly incorrect claim that it would be impossibly expensive to provide everyone in the country a significant cash grant each year.

So what’s wrong with the UBI? In a nutshell, if it’s universal, it can’t be basic, and if it’s basic (provides a decent income floor), it can’t be universal. The US population exceeds 300 million. If the UBI benefit is $10,000 a year (less than Yang’s), you can do the math. The entire federal budget is about $4.4 trillion.

So, let us do the math here. Providing every person $10,000 a year would add up to about $3.2 trillion. This would be passive income paid out to people with no strings attached and without them having to work for it.

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