BTN News: A study by Goldman Sachs warns that AI could automate up to 300 million jobs. This could affect one-fourth of the workforce in the US and Europe. Sam Altman, the creator of ChatGPT, is exploring solutions. He is thinking about Universal Basic Income (UBI) as one possible solution.
Understanding What Universal Basic Income Means and How It Works
Universal Basic Income is an idea that suggests giving everyone a regular, unconditional income. This money should cover basic needs. It is given to everyone, no matter their job status, income level, or social position. People do not have to meet any conditions to receive it.
Advocates for Universal Basic Income Like Sam Altman and Elon Musk Show Support
Sam Altman supports UBI. In 2016, he wrote about his interest in UBI on his YCombinator blog. He wanted to fund a study to see if UBI works because there was not enough solid data. Elon Musk also supports UBI. In a 2016 interview with CNBC, he said robots might make UBI necessary. Musk said, “There’s a pretty good chance we end up with a universal basic income, or something like that, due to automation.”
The Experiment Funded by Sam Altman to Test Universal Basic Income
Sam Altman decided to test UBI by funding a study through OpenResearch. The study had 3,000 participants from Texas and Illinois. These participants earned less than $28,000 a year. One-third of them received $1,000 every month for three years, with no conditions. A control group got only $50 per month. Altman contributed $14 million to the $45 million needed. He also raised an extra $60 million for the study.
The study was led by researcher Elizabeth Rhodes. The results showed that people who received $1,000 spent more on food, rent, and transport. They spent an extra $310 per month on average. These people also gave more help to others compared to the control group. The study found less stress, better mental health, and less food insecurity in the first year. However, these benefits reduced in the second and third years. This shows that money alone may not fix long-term problems like health issues, childcare, or high housing costs.
Universal Basic Income and Mental Health Benefits From OpenResearch Study
The study also showed that UBI could help keep good mental health and encourage giving to charity. People felt more free to make decisions about their lives. They moved to better areas and started new businesses. This suggests that UBI might help with job loss due to automation.
Some Experts Like Jaron Lanier Express Concerns About Universal Basic Income
But not everyone thinks UBI is the answer. Jaron Lanier, a virtual reality expert, has talked about UBI as a fix for job loss from AI. He thinks UBI could give too much power to the groups giving out the money. Lanier says UBI should not be the main way society is organized. He shared these thoughts during a talk at the University of California, Berkeley.
Final Thoughts on the Potential and Limits of Universal Basic Income as a Solution to Automation
As AI and automation grow, the idea of UBI is gaining interest. Studies like the one funded by Sam Altman give us useful information. They show the good and bad sides of UBI. While UBI could help those who lose jobs due to automation, it is important to think about all the effects. UBI should be part of a bigger plan to deal with the future of work.
