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Do you think ‘Universal Basic Income’ is inevitable? Elon Musk says it’s “going to be necessary.”

Do you think ‘Universal Basic Income’ is inevitable? Elon Musk says it’s “going to be necessary.”

Watch this video first (or read the transcript below):

Transcript:

There will be fewer and fewer jobs that a robot cannot do better. I want to be clear. These are not things I wish will happen; these are things I think probably will happen. And if my assessment is correct and they probably will happen, than we have to think about what are we going to do about it? I think some kind of universal basic income is going to be necessary. The output of goods and services will be extremely high. With automation there will come abundance. Almost everything will get very cheap. I think we’ll end up doing universal basic income. It’s going to be necessary. The much harder challenge is, how are people going to have meaning? A lot of people derive their meaning from their employment. So if there’s no need for your labor, what’s your meaning? Do you feel useless? That’s a much harder problem to deal with.”

The full interview can be viewed on YouTube via Matt Orfalea

What is the definition of Universal Basic Income:

A basic income (also called unconditional basic income, Citizen’s Income, basic income guarantee, universal basic income or universal demogrant) is a form of social securityin which all citizens or residents of a country regularly receive an unconditional sum of money, either from a government or some other public institution, in addition to any income received from elsewhere. 1

 

Do you think 'Universal Basic Income' is inevitable?

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  1. https://en.wikipedia.org/wiki/Basic_income

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  1. https://en.wikipedia.org/wiki/Basic_income
  2. https://en.wikipedia.org/wiki/Basic_income