There’s a concept that’s catching more attention in recent years that we need to talk about: the universal basic income. It’s a social welfare concept that isn’t exactly new and is having a comeback. It’s time students join this re-emerging conversation.
For those who may not know, a basic income—commonly known as a universal or guaranteed income—is a system of wealth distribution that assures every citizen is given a bare minimum of money from the government, no questions asked. There are different variants, revolving around a minimum figure or the idea that everyone, regardless of income, is given a cheque.
Essentially, the idea is to eliminate poverty by giving everyone money. Proponents say this is the simplest way to combat housing inaffordability and the rising cost of living, which keeps people in a low income status. And, clearly, this should be attractive to students. While it doesn’t reduce tuition, it would surely provide a lot of assistance.
Many—including SpaceX founder/Tesla co-founder Elon Musk—argue that with automation on the rise, such a system will become inevitable. It’s also favoured by some conservative thinkers, notably legendary libertarian economist Milton Friedman. So this isn’t just left-wing idealism. People like it because it allows more personal freedom—and, controversially, because it allows other social welfare services to be cut.
So there are reasons to be skeptical, despite some good merits to the system. As students, there are plenty of reasons to advocate for a system that allows optimal support to ease costs of living. However, at the same time, conventional services would undergo massive cuts, effectively being replaced by a free poverty-line government cheque to everyone, without the recipients of the money having to prove anything.
Cuts aren’t the only issue. What about laziness? Will people care to work or spend their money effectively, or will it largely go to consumerist waste? The idea is to allow individuals to spend as they choose, so you answer that yourself. And what about rising inflation it may cause? A basic income raises lots of questions.
We should be having this discussion more as students, looking at both the good and the bad. If it works, why not implement it? It would reduce costs for students immeasurably.
With the provincial government about to launch an experimental basic income pilot project, we need to be having this conversation. And now is the time.