Basic Income
The general idea that the government should give every citizen a regular infusion of free money with no strings attached has been around since the 16th century, but has recently risen to prominence in global policy discussion for a multitude of converging (and fairly obvious) reasons.
Basic Income is a policy that has never been implemented on a nationwide scale. There have however, been a series of trials, pilots and studies conducted in order to test the theoretical merits and limitations, but these have all been slightly augmented versions of eachother. As consequence, there is no definitive definition for Basic Income, but it is defined by the nicsbi party as:
“a fixed, regular and unconditional payment given to all citizens regardless of their wealth, income or employment status to cover basic human needs.”
Basic income has had advocates across the political and social spectrum, from MLK Jr to Richard Nixon, from Hayek to Friedman.
As a policy, Basic Income is bipartisan in its very nature; it is not politically ‘left’ or ‘right’.
That being said:
The left side of the political spectrum can support a policy like Basic Income because it would galvanise trade unions by empowering people to object to & barter against degrading/ underpaid work.
A foundational and mobile income for all would also stimulate the Arts, provide an equality of opportunity, and enable vulnerable people to escape abusive relationships.
“It seems to me, the civil rights movement must begin to organise for the guaranteed minimum income”. - Martin Luther King Jr, months before his untimely death.
The civil rights protests of our time are often criticised for a lack of direction and unclear policy demands.
Basic Income is a singular, straightforward and easily understood policy demand that ensures a foundation of equality, equity and inclusion: The right to exist with dignity.
The right side of the political spectrum would support a policy like Basic Income because it’s economically empowering and spurs entrepreneurship. It also increases economic resilience by providing a baseline of consumer confidence.
The money would be spent in the local/ national economy and it would instil a sense of freedom, independence and sovereignty.
Milton Friedman (central banking economist and prominent member of the Chicago School of Economics) advocated for a very similar policy in 1968; a negative income tax.
If you can perceive yourself as a shareholder of your country as opposed to an economic input, it’s not much of a stretch to believe you’re entitled to a dividend on the performance & prosperity of your country. If it helps you sleep at night, you can think of Basic Income as capitalism where income doesn’t begin at £0.
Support for basic income across the political spectrum underscores its potential to transcend ideological boundaries and serve as a unifying policy solution for addressing the complex issues we face.
Unfortunately, Basic income is a policy that the majority of people are unfamiliar with, and when they become familiar, most initially rejected it due to some well-founded concerns regarding public finance and the subsequent economic effects of such a policy.
In the short to medium term, nicsbi advocates for a formless & non-specific Basic Income. Meaning: we do not offer a hypothetical nominal cash amount for the Basic Income.
We don’t do this to avoid answering the whole ‘paying for it’ question, we do it in an attempt to stimulate conversations on the theoretical merits and limitations of such a policy, as well as the varying forms of Basic Income that exist.
Basic Income can be structured and implemented in specific ways to achieve desirable economic, social and environmental outcomes.
Different proposed forms exist, and some are better than others.
The Varying Forms of Basic Income:
Guaranteed Minimum Income:
- Awarded at a household level with different qualifying thresholds. A relatively more targeted form of relief but therefore more bureaucratic. All in all, a very reasonable alternative to a full and true Basic Income.
A Negative Income Tax:
- Assistance if income falls below a certain threshold. Amount provided decreases as income increases. A cheaper, less equal and more bureaucratic form of Basic Income, but still a very reasonable alternative.
A Small-Business Basic Income:
- A portion of the support provided is exclusively redeemable in micro-firms (businesses made up of less than 10 people). This would stimulate entrepreneurship while perpetuating an interdependence between small businesses, therefore making the economy more resilient and capable of absorbing external economic shocks, such as pandemic or war.
A Central Bank Digital Currency (CBDC):
- Awarded as a favour to well behaved citizens. Used for control.
A nicsbi Basic Income:
- Awarded unconditionally, not as a favour but as a right. Used for liberation.
Listen, with developments in artificial intelligence and the evolving nature of work, Basic Income in some form is inevitable. Why shouldn’t we be the ones to decide what form it takes? Would that not be common sense?