As I was watching CNBC this morning, a special segment caught my attention.

It was about Mark Zuckerberg and his thoughts on a Universal Basic Income. 

Zuckerberg was giving his Commencement Speech at Harvard University yesterday where he touched on economics, the US health care system, the need to modernize democracy, and the need for a Universal Basic Income. 

Especially as technology is looking to replace an astounding number of jobs in the not too distant future. 

What is a Universal Basic Income?

Wikipedia defines it as follows:

"Universal Basic Income is a form of social security 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."

Basically it sounds like it is a payment that everyone receives in order to cover their very basic needs and leaves them free to shift their focus to their interests and dreams.

Zuckerber's comments echoed that of other Silicon Valley bigwigs. Sam Altman (for example) has been another Universal Basic Income proponent for some time. 

If you do not recall, Sam Altman is the one that is spearheading a Universal Basic Income experiment in Oakland, CA. 

Basically, the experiment was to give 100 families $1500 per month starting in January and then see what happens. 

You can read more about it here:

http://www.sfexaminer.com/y-combinator-needs-make-universal-basic-income-experiment-oakland-public-transparent/

Dan Larimer ( @dan and @dantheman) has also commented extensively on Universal Basic Income and I recommend reading a couple of his pieces if you are interested in the subject. They are very well done.  

/@dantheman/hypothetical-price-stable-crypto-currency-with-basic-income

/@dantheman/how-to-allocate-the-worlds-resources-fairly

/@dantheman/what-would-a-legitimate-basic-income-buy

/@dantheman/universal-basic-income-and-social-restitution

Zuckerberg specifically had this to say regarding a Universal Basic Income at the Commencement Speech yesterday:

"Every generation expands its definition of equality. Now it's time for our generation to define a new social contract."

"We should have a society that measures progress not be economic metrics like GDP but by how many of us have a role we find meaningful. We should explore ideals like universal basic income to make sure everyone has a cushion to try new ideas."

Zuckerberg went on to say that one of the main reasons that he was able to build Facebook was because he knew that he had a safety net if Facebook were to fail. He was able to continue on with the project without a fear of failing. 

Other people out there might not have that same opportunity. They may need to take low paying jobs to support their households instead of learning how to code or chase other dreams that truly could be world changing. 

A Universal Basic Income could provide the cushion they need, Zuckerberg concluded. 

There are pros and cons to the Basic Income argument.

On the one hand, Zuckerberg and Altman (among others) argue that it would free people up to really contribute meaningful contributions to our society. Technological advancements could accelerate at an even faster pace. Not to mention what it could mean to people's quality of life. 

On the other hand, there are others that argue giving everyone a Basic Income would just have an inflationary effect that basically offsets any gains they would receive. 

There is also the argument that a lot of people would take that money and do nothing meaningful with it. They would stay at home all day and smoke weed on the couch. 

The truth probably lies somewhere in between the two sides. That is why Altman's experiment is so important. We will get a real world example of how people might act. 

The experiment is looking to go from 100 people to over 1000 in the very near future which will give us an even better real world example.

What do you guys think?

In a world with a growing population, expanding technology, and a decreasing job supply, is a Universal Basic Income the answer?

Let me know your thoughts in the comments section below.

Sources:

https://en.wikipedia.org/wiki/Basic_income

http://www.cnbc.com/2017/05/25/mark-zuckerberg-calls-for-universal-basic-income-at-harvard-speech.html

http://www.sfexaminer.com/y-combinator-needs-make-universal-basic-income-experiment-oakland-public-transparent/

Image Sources:

http://www.businessinsider.com/mark-zuckerberg-basic-income-harvard-speech-2017-5

https://www.vox.com/2016/1/28/10860830/y-combinator-basic-income

http://www.kickassfacts.com/universal-basic-income-infographic/

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