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Universal Basic Income and the Cost Objection: What are we Waiting For?

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  • Richard Pereira

    (University of Birmingham, UK)

Abstract

Among the most common objections to providing everyone with an unconditional basic income is the cost objection. It states that the cost of providing everyone with a decent income floor, beneath which no one would fall, is out of reach for governments and public finance. Income taxes would have to be raised to unacceptable levels to accomplish this, the objection claims. This paper addresses the objection by demonstrating its weaknesses and showing that a universal basic income is affordable. It is in fact more affordable than the current wasteful array of often counter-productive, bureaucratic income security programs. Better results can be achieved with lower costs by implementing basic income, or a guaranteed livable income. This study does not seek any cuts to vital public programs such as universal health care or education to attain the result of a basic income sufficient to cover one's needs for food, modest shelter etc. at all times. Personal income taxes are not raised in this proposal and they could even be cut, while improving health outcomes for individuals and reducing health burdens upon the current system resulting from a presently dysfunctional, outdated income security model.

Suggested Citation

  • Richard Pereira, 2015. "Universal Basic Income and the Cost Objection: What are we Waiting For?," World Economic Review, World Economics Association, vol. 2015(5), pages 1-1, July.
    • Handle: RePEc:wea:worler:v:2015:y:2015:i:5:p:1
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    File URL: http://wer.worldeconomicsassociation.org/papers/universal-basic-income-and-the-cost-objection-what-are-we-waiting-for/
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    File URL: http://wer.worldeconomicsassociation.org/files/WEA-WER-5-Periera.pdf
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    References listed on IDEAS

    as
    1. Karl Widerquist, 2006. "Who Exploits Who?," Political Studies, Political Studies Association, vol. 54(3), pages 444-464, October.
    2. Karl Widerquist, 2006. "Who Exploits Who?1," Political Studies, Political Studies Association, vol. 54(3), pages 444-464, October.
    3. Guy Standing, 2009. "Work after Globalization," Books, Edward Elgar Publishing, number 13314, March.
    4. Stuart White, 1997. "Liberal Equality, Exploitation, and the Case for an Unconditional Basic Income," Political Studies, Political Studies Association, vol. 45(2), pages 312-326, June.
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    Cited by:

    1. Major Aaron, 2016. "Affording Utopia: The Economic Viability of “A Capitalist Road to Communism”," Basic Income Studies, De Gruyter, vol. 11(2), pages 75-95, December.
    2. Kim, Steven, 2016. "Complex Factors Behind Misguided Policies in Socioeconomics: From Mass Migration and Persistent Alienation to Rampant Crime and Economic Malaise," MPRA Paper 76733, University Library of Munich, Germany.
    3. Smith-Carrier Tracy A & Green Steven, 2017. "Another Low Road to Basic Income? Mapping a Pragmatic Model for Adopting a Basic Income in Canada," Basic Income Studies, De Gruyter, vol. 12(2), pages 1-21, December.

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