A Check for Everyone: The Basic Income Idea

According to Wikipedia, an unconditional basic income (also called basic income, basic income guarantee, universal basic income, universal demogrant, or citizen’s income) is a form of social security system in which all citizens or residents of a country regularly receive an unconditional sum of money, either from a government or some other public institution, in addition to any income received from elsewhere. Milton Friedman called it a Negative Income Tax, and Charles Murray dubbed it “the Plan” in his 2006 book, In Our Hands: A Plan to Replace the Welfare State. Murray posits, “Imagine that the United States were to scrap all its income transfer programs—including Social Security, Medicare, and all forms of welfare—and give every America age twenty-one and older $10,000 a year for life.” Join Ed and Ron as they discuss the economic, ethical, political, moral, and incentive implications of the Basic Income.