Hey guys, welcome back to the show.

Today we are going to be talking about Universal Basic Income or UBI.

And if you didn't see the video that we put out a few weeks ago, or was it months, actually,

it's all a blur.

If you haven't seen our minimum wage video yet, then I recommend you check it out since in that video we also cover some of the same topics like obviously minimum wage, workforce supply and demand and automation that also relate to UBI. But anyway to get right into things

according to the Oxford Research Encyclopedia Universal Basic Income

also called Basic Income is defined as quote a periodic cash payment unconditionally delivered to all on an individual

basis without means test or work requirements. UBI is very different from pretty much almost

every welfare system that's currently in existence and

actually advocates of UBI say that UBI should be replacing welfare systems not

working in conjunction with them. While traditionally welfare benefits only apply to people who are either unemployed or who make less than a certain income, and are often also conditional on things like passing drug tests or being actively looking for a job, UBI on the other hand would apply to everybody.

Working, non-working, rich, poor, it doesn't matter.

One of the ways it's said that UBI is actually an improvement over welfare is that because welfare benefits are often

taken away, once people meet certain income requirements, it's sometimes said that welfare

actually disincentivizes people to work. If working more means you get less welfare,

well, then realistically,

there is an opportunity cost to consider there.

With UBI, on the other hand,

because everyone gets it no matter how much or how little

they work, any extra money made is money gained.

Democratic presidential Canada, Andrew Yang, is currently one of the most popular and the most vocal proponents of a UBI.

And if he's elected President Yang is promising to implement something called a freedom dividend.

...