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Facebook Co-Founder Launching $10M Study of Universal Wage

Image: Facebook Co-Founder Launching $10M Study of Universal Wage

(AP Photo/Owen Humphreys) 

By    |   Monday, 12 Dec 2016 06:19 PM

A group including Facebook co-founder Chris Hughes is reportedly spending $10 million to find out if a basic income system would fix economic inequality.

The Economic Security Project will examine what would go into a system of wealth distribution that gives every citizen a monthly stipend to cover their basic needs, according to Quartz, which first reported the project when it was launched last week.

More than 100 people – ranging from the head of Silicon Valley startup fund Y Combinator president Sam Altman and former Secretary of Labor Robert Reich to leaders of the Black Lives Matter movement – signed a "statement of belief" saying the group aims to "make our economy work again for all Americans," Quartz reported.

Hughes and Roosevelt Institute Fellow Dorian Warren are co-chairmen.

"We have more questions than answers," Hughes told Quartz. "But we do know we can unite around the fact that financial security should be a human right and cash is an underutilized tool."

According to Business Insider, researchers in countries like Kenya, Tanzania, and Honduras have found direct cash transfers tend to improve people's lives without leading to unhealthy behaviors.

And the idea appeals to both liberals, who support its care of the poor and out-of-work, and conservatives, who like that it would shrink the role of government by putting money into people's hands to use how they see fit, Business Insider reported.

"Intuitively, this idea of a floor and no ceiling really appeals to me," tech entrepreneur Altman told Business Insider.

"I'm just not sure if it's the right approach, which is why I want to study it."

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A group including Facebook co-founder Chris Hughes is reportedly spending $10 million to find out if a basic income system would fix economic inequality.
universal wage, Facebook, study
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2016-19-12
Monday, 12 Dec 2016 06:19 PM
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