The venture capitalist, philanthropist and overall thrill seeker has voiced support over a special type of program that all countries should adopt.
In an interview with CNN, he was bold with his statement that he believes government should provide every one of it’s citizens with a paycheck, whether they have a job or not.
“It’s the next big thing, it will come about one day.” He told the reporter, after he was asked directly what his views on the subject were. The subject, or concept, is a guaranteed basic income distributed to all people regardless of social class or income. It’s a topic that has been widely debated in the past few years, with many business leaders publicly giving support to the idea.
His recommendation is that individual cities start experimenting with a basic income. But why does he, and other proponents feel it’s so important?
- He highlighted the fact that as technology advances, job security is threatened as many occupations become obsolete. As a proponent of the plan, he says the idea is to provide greater financial security as the real worries about robots, or artificial intelligence taking away jobs and even whole occupations. It doesn’t seem too far away does it?
- An increase in income will guarantee people a certain quality of life that will reduce the amount of crime each year. Strategic social programs that boost overall morale help to reduce social issues such as crime. With a guaranteed income, less people will resort to crime to make a living.
- A guaranteed basic earnings will help to foster more innovation as people will have the financial security to try new things. One of the biggest reasons why people don’t take risks is due to the financial risks so a guaranteed income could actually help technological advancement
Even though many top business leaders have come forward to voice their support such, the ideology also has it’s fair share of detractors. Critics believe that the plan is to micro-minded and will not help to solve overall social issues related to poor income growth in most of the first world countries. They also highlight the fact that while it may help foster innovation as people can take new risks, it also challenges the fact that you don’t actually need to work to earn money. A lot of people may take advantage of the plan therefore more fine details would need to be ironed out.
Canada and Finland are among the very few countries that currently give guaranteed income to people who are in lower social classes or recently employed. The idea is that long term unemployment is a choice and therefore should not be rewarded by a free pay day.
To date, most countries have turned the idea away completely. Many countries in Europe held referendums to vote on the subject, with all of them (except Finland) swiftly turning them down.
However, this hasn’t stopped them from stressing the fact that ‘the coming on of AI and other things puts income inequality at danger. There is no question that technology will eliminate jobs.” While the mass of people may very well suffer due to technology advances, there are a very few, in the top 1% of the population that will thrive. Cuban has stated he believes that artificial intelligence will create the worlds ‘first trillionaires.”
What do you think of this plan? Are these business leaders being naive due to their personal financial position? Or, is there a real threat and will the world’s super powers need to implement this program, in one way or another?
Let us know in the comments down below!