Universal Basic Income: Why Elon Musk Thinks It May Be The Future

Universal basic income (UBI), an unconditional allowance afforded to all citizens for the bare essentials of life, is an old idea that's garnered support from members of both the left and right. Notable supporters have been as disparate as civil rights activist Martin Luther King, Jr. and libertarian economist Milton Friedman. The Nixon Administration even attempted to pass a basic income guarantee through Congress and failed only narrowly due to a disagreement as to how much the stipend should be. Now, the debate over universal basic income is being renewed by industry leaders and billionaires who include Mark Zuckerberg, Richard Branson and Elon Musk, among others. As automation approaches, the world is faced with the problem of displacement.