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Slashdot: 'Universal Basic Income' Isn't a Silver Bullet, Says Lead Researcher on Sam Altman's Study

'Universal Basic Income' Isn't a Silver Bullet, Says Lead Researcher on Sam Altman's Study
Published on December 29, 2024 at 03:04AM
Business Insider reports: The lead researcher for Sam Altman's basic-income study says guaranteed no-strings payments are not a silver bullet for issues facing lower-income Americans. Elizabeth Rhodes, the research director for the Basic Income Project at Open Research, told Business Insider that while basic-income payments are "beneficial in many ways," the programs also have "clear limitations...." Rhodes headed up one of the largest studies in the space, which focused specifically on those on low incomes rather than making universal payments to adults across all economic demographics. The three-year experiment, backed by OpenAI boss Altman, provided 1,000 low-income participants with $1,000 a month without any stipulations for how they could spend it.... The initial findings, released in July, found that recipients put the bulk of their extra spending toward basic needs such as rent, transportation, and food. They also worked less on average but remained engaged in the workforce and were more deliberate in their job searches compared with a control group. But Rhodes says the research reinforced how difficult it is to solve complex issues such as poverty or economic insecurity, and that there is "a lot more work to do." The Altman-backed study is still reporting results. New findings released in December showed recipients valued work more after receiving the recurring monthly payments — a result that may challenge one of the main arguments against basic income payments. Participants also reported significant reductions in stress, mental distress, and food insecurity during the first year, though those effects faded by the second and third years of the program. "Poverty and economic insecurity are incredibly difficult problems to solve," Rhodes said. "The findings that we've had thus far are quite nuanced." She added: "There's not a clear through line in terms of, this helps everyone, or this does that. It reinforced to me the idea that these are really difficult problems that, maybe, there isn't a singular solution." In an earlier article coauthor David Broockman told Business Insider that the study's results might offer insights into how future programs could be successful — but said that the study's results didn't necessarily confirm the fears or hopes expressed by skeptics or supporters of a basic income. Thanks to Slashdot reader jjslash for sharing the news.

Read more of this story at Slashdot.

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