Advancements in technology eliminate need for workers

Top+row+represents+the+current+income+distribution%2C+bottom+row+represents+the+future+new+income+distribution.
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Advancements in technology eliminate need for workers

Top row represents the current income distribution, bottom row represents the future new income distribution.

Top row represents the current income distribution, bottom row represents the future new income distribution.

Photo provided by https://www.flickr.com

Top row represents the current income distribution, bottom row represents the future new income distribution.

Photo provided by https://www.flickr.com

Photo provided by https://www.flickr.com

Top row represents the current income distribution, bottom row represents the future new income distribution.

Ricardo Castillo, Writer

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There has been a positive correlation between the unemployment rate and the advancement in technology. The more advanced technology gets, the higher the unemployment rate goes. This statistic leads many people to fear for their future in terms of payment. A universal basic income is an idea that has been proposed to fix this foreseen issue; however, the repercussions of a UBI may be more catastrophic.

The most popular form of a UBI is to give everyone $1,000 a month, which would cost the United States $2.3 trillion dollars a year. To put that into perspective, the U.S. military spends a yearly budget of $598 billion a year. That level of spending could impact  the United States economy in terms of inflation, and the overall national debt. In order to subsidize the massive increase in spending, severe budget cuts could be implemented, along with potential higher tax rates. This system would be put in place to battle the poverty line; however, the only socioeconomic class that will be affected is the middle class. This system has a high possibility to  abolish the middle class, meaning if you’re not rich, you’re poor.

The universal basic income proposal is not a system that can work on a scale as large as the United States. A similar system was implemented in Finland and failed,as mentioned in an article written by Anne Kauranen of Msn. So who’s to say that this system would succeed in a larger country where more people will be affected? There is no solid proof that a UBI system will grow the economy, the theory is based on speculation, and simple hypothesis.