We’re facing a crisis without precedent in modern economic history. The coronavirus pandemic will certainly have a greater impact on jobs, wages, and living standards than the financial crash of 2008; it may very well do more damage than the Great Depression. Already, we’ve seen more than 3 million people apply for unemployment benefits this week, a record-breaking figure, up from just 200,000 three weeks ago. In New York City, there’s been a 1,000 percent increase in claims.

Governments are scrambling to respond, implementing emergency measures to prop up the economy that would have been unthinkable just a few months ago. The United States Senate voted unanimously to approve a $2 trillion package of federal spending in response to the crisis.

In that context, the demand for a basic income has gained new momentum. But the politicians who passed the emergency stimulus bill clearly saw that as a bridge too far. The bill gives most Americans a one-off payment of $1,200 and temporarily extends and increases unemployment benefits for laid-off workers. That falls well short of what’s needed.