Is Universal Basic Income a good thing?

Universal Basic Income is a social and economic policy wherein governmental authority regularly provides a set amount of money to every adult individual, regardless of their employment status or earnings. Such a policy has many opportunities for greatness and can bring about more stable economic society for developing countries if implemented well. This can also help decrease poverty and bridge the gap between the rich and the poor. UBI also poses some challenges, such as the high cost of the program, it could discourage people from working, and the risk that inflation might occur. These are difficult to overlook making such a policy frowned on by some individuals. So the question is, is it really a good thing?

UBI has great potential to reduce poverty and income inequality. With such a program, all citizens will receive a basic, steady income. Allowing them to possibly have better access to healthcare, food, housing, clothes and more. This can tremendously help with improving the quality of life for people living in poverty and hardship. With a steady income, the physical and mental well-being of the everyday citizen will increase because of better access to medication and other necessities. UBI can also give educational opportunities to many, and allow them to stay in school longer which could give them better job opportunities in the future. UBI could start a cycle of educated individuals and begin to close the stark gap between the rich and poor seen in numerous countries. However, with this comes the concern that inflation could increase. As the consumer market increases the price of goods would inflate even higher than it already is, leaving a country with an even higher cost of living. 

The freedom of choice for job opportunities for people living in poverty is slim. Many people take on any role that pays regardless of whether they enjoy it or not. This creates a labour force of unhappy workers. A Univeral Basic Income policy could give these people the luxury of choosing a job which suits their interests, and with better education, a better-paying job too. On the other hand, some may worry that with a guaranteed income coming regularly, people would have a disincentive to work. Leaving the country with less taxable income and disadvantaging the country as a whole. As well as some may believe that such an income to not deserved for people who are living comfortably without it. 

Another worry about UBI is that if the grant provided by the government is very high, the cost might put strain on government expenses. It might also take money away from other useful governmental services or increase taxes on citizens. Therefore, a universal basic Income policy has the potential to reduce poverty, give more freedoms to the lower classes, increase education and increase the physical and mental health of citizens. However, there is a lot of space for a UBI to disadvantage a nation more than it would advantage it economically or socially. Such as high costs, disincentivization of the workforce and inflation risk. Such a policy must be implemented with a lot of care and calculation. Therefore, UBI has many advantages and disadvantages; therefore, whether it is a good thing is really up for interpretation.