Universal Basic Income: Blessing or Curse
As you all know that automation is taking over. There are many sectors in which Robots are performing better than human. Every job is under threat today. Even sectors like Finance, Healthcare etc are on the priority list of automation. This could lead to a place with people struggling to make money. In this case, Basic Income comes to rescue for all the people. It is a concept that everyone will get the basic amount of money every month irrespective of their economic factors. They will get the money from the government.
Now the question arises how the government will make money in the age of automation? well, there is an answer to that also they will need to imply robot taxes. Taxes will be imposed on companies using robots and there should be a tax on every robot performing. Now, this may seem easy but in reality concept of basic income is very complex. There could be a situation where the government could go out of funds. Especially in the country like India and China where the population is a major concern. In these countries, the government will find it very difficult to circulate income.
This idea is still in the trial mode and many countries have already adapted to check its result. This is an ongoing process in Canada at a high level. There this scheme is showing good results. But some are arguing that although this is working in short term it will be unable to give benefits in long-term. Although it reduces stress on individuals. It could largely affect the productivity of individuals in the country. It could lead to inflation which is beneficial for product makers.
Whether it is blessing or curse only time and little bit more research can tell. One thing is for sure top Business people will still enjoy more benefits than the normal people. The world is becoming like Casino where only rich people have the chance of winning big. Through this, they will be able to cut cost and sell their products at the higher rate. But you never know it could also be saving people going below the poverty line.