Tag: economy

“three-year pilot of Sam Altman’s that provided $1,000 a month to 1,000 people in Texas and Illinois and compared that group to a control group of 2,000 people who got $50 a month. Every participant was between the ages of 21 and 40.”

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“”saturation” pilots where entire communities receive basic income instead of only individuals spread across a large area. When basic income is provided to people here and there, local economies aren’t stimulated by the spending of the money and new jobs aren’t created by employers needing to hire more employees to meet higher demand. It’s one thing to provide money to an entrepreneur. It’s another to do that and also provide their business lots of customers with money to spend.”

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“Employment can increase or decrease along two measures: the binary state of working a job or not and the number of hours worked. On average, those who got basic income were two percentage points less likely to be employed and worked about 1.3 fewer hours per week.”

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“The employment of both groups greatly increased.”

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“A weekly drop of 1.3 hours works out to about 15 minutes a workday. That’s an extra break or a slightly longer lunch. On an annual basis, it’s equivalent to 8 days a year. That’s a week-long paid vacation.”

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“there were no significant decreases in employment status and hours worked among childless adults or those over age 30.”

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“”Recipients who were single parents at the time of enrollment were about 3.9 percentage points less likely to be employed and worked an average of 2.8 hours less per week than single parent control participants. For recipients who were not single parents at enrollment, we do not find statistically significant effects on employment or hours worked.””

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“The reason that parents respond differently should be obvious. They aren’t working less. They are switching from paid work to unpaid work. They’re putting their kids first.”

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“”There was no statistically significant effect on employment or hours worked for recipients over 30. In contrast, recipients under 30 were roughly 4 percentage points less likely to be employed and worked an average of 1.8 fewer hours per week compared to control participants. We also observe larger effects on formal education among those in this age group, suggesting younger adults may be more likely to use the money to enroll in post-secondary education and work fewer hours while in school, though this alone would not account for the observed differences in employment.””

https://www.scottsantens.com/did-sam-altman-basic-income-experiment-succeed-or-fail-ubi/