In this TED-style talk at St. Olaf College in Northfield, Minnesota, Josh Martin ’14 of Decorah, Iowa, discusses the current failures of the U.S. welfare state, showing why the system needs significant reform. This leads Martin to suggest the universal basic income as a more than capable alternative. He covers some of the major arguments for the basic income and shares the results of basic income schemes in Namibia, India, and Alaska. Further, he highlights the ideological flexibility of the policy in that politicians from all ideological backgrounds can find reasons to support a basic income.
Lastly, he proposes his own plan for an American basic income. Rolling together the money the U.S. spends on means-tested programs (excluding Medicare and Medicaid), child tax credits, and Social Security, the U.S. could have around $2 trillion to spend on a basic income. This budget could afford a program where all citizens 0-17 receive $2,000 per year, those 18-24 receive $4,000 per year, those 25-64 receive $6,000 per year, and those 65 and up receive $14,000 per year, effectively replacing Social Security. This plan only costs $1.87 trillion and thus would save the U.S. $130 billion by converting to this basic income plan.
Martin will attend the London School of Economics and Political Science this fall for a Masters degree in Social Policy. You can email him at joshedwardmartin@gmail.com.
Josh Martin, “A Basic Answer to Welfare: The Universal Basic Income“, STOTalks, 3 May 2014.
Josh Martin Speaks on the Basic Income at St. Olaf College
