Coloroscopio Posted July 23 Share Posted July 23 Images: Abaca Press / Alamy Stock Photo (left), right image generated on AI Silicon Valley investor Sam Altman, known for his ventures with prominent tech companies like OpenAI, has been piloting a little-known project testing the effects of Universal Basic Income (UBI). For several years, Altman has been discreetly providing a select group of individuals with regular cash payments, independent of their employment status. This experiment offers a real-world glimpse into the potential impact of UBI, a policy proposal that has garnered significant interest and debate in recent years. Universal Basic Income, in theory, would provide all citizens with a set amount of money on a regular basis, regardless of their income or employment status. Proponents argue that UBI could alleviate poverty, boost economic security, and empower individuals to pursue further education or entrepreneurial ventures. Critics, however, express concerns about the program’s financial feasibility and potential disincentive to work. A recently published study by OpenResearch, a nonprofit funded by tech entrepreneur Sam Altman, sheds light on this debate. Researchers provided $1,000 per month to 1,000 participants in California and Illinois for three years. A control group of 2,000 received $50 monthly. The results paint a complex picture. Recipients reported significant reductions in stress, mental health issues, and food insecurity during the first year. They were also more likely to report setting and achieving goals. However, the positive effects on well-being seemed to lessen over time. The study also found a modest decrease in employment among UBI recipients, who on average worked 1.3 fewer hours per week. Interestingly, this decrease was accompanied by a 10% rise in actively seeking new employment, suggesting a shift towards prioritizing job fit over immediate need. Perhaps the most surprising finding was a rise in educational attainment. UBI recipients were 14% more likely to pursue further education or training compared to the control group. This suggests the financial security offered by UBI could empower individuals to invest in their long-term career prospects. OpenResearch acknowledges limitations. Notably, the three-year timeframe might not capture the program’s long-term effects. Additionally, the study focused on a specific demographic (low-income adults) within a limited geographic area. While the findings are inconclusive, they offer valuable insights for future UBI discussions. The program demonstrably improved well-being and educational attainment, but potential impacts on labor force participation require further investigation. https://futurism.com/the-byte/sam-altman-ubi-study https://www.businessinsider.com/sam-altman-basic-income-study-results-2024-7 https://www.forbes.com/sites/sarahemerson/2024/07/22/openai-founder-sam-altman-gave-thousands-of-people-free-money-heres-what-happened/ Images: Abaca Press / Alamy Stock Photo and AI Quote Link to comment Share on other sites More sharing options...
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