Question from 
"What do you think is a good number for a universal basic income?"
As economic hardship from the COVID-19 pandemic, uncertainty arising from recent supply chain strains, political turmoil, and inflation become more concerning for everyday citizens of the United States, universal basic income (UBI) is becoming a more mainstream and attractive ideal in the political landscape. Even prior to beforementioned hardships, UBI was beginning to gain traction in many groups. Andrew Yang, a candidate in the 2020 Democratic Party primary elections, endorsed the idea and is now commonly associated with in the minds of many citizens. Yang's proposal included a "Freedom Dividend" of $1,000 a month to each and every American citizen who desires it. Let's examine the potential impact of that additional $12,000 annually to get a better idea of whether that proposed amount would be too high or low for the system to run as efficiently as possible.
How Much is Too Much?
In the minds of many UBI is a dangerous policy to implement, as they cite a decline in motivation to work, reliance on the government, or inadequate use of federal funding. These concerns are well founded, especially if the dividend paid out the people is of large magnitude. If the stimulus from the government is enough to live sustainably on, there would be little incentive left in getting a job, or obtaining training to get a better job down the line. Sure there would still be intensic and life value left in occupations, but less people would be driven to pursue careers if the government provided enough to live off of. Obviously this is a dangerous game that could lead to massive consequences. In my opinion, to avoid these consequences UBI should not exceed 60% of the average cost of living for an individual. Regional differences also should likely be taken into account as cost of living differs dramatically from rural to urban areas, from central to costal states -- does this perhaps lead to a contradiction in the name universal basic income... perhaps. According to Priceonomics, the average rent for people in the United States is $1,249 monthly... Adding food, necessities, and transportation atop that baseline number we arrive at a figure around $2,000 or so. Again, this figure is an average for the whole country and can change based upon location. No matter where you are though, Yang's Freedom Dividend would not cover all necessary expenses.
How Much is Not Enough?
To be effective, UBI must provide mobility for people, it must provide them with some financial peace as they navigate the world. If a family wants to move for new job opportunities, or someone wants to go back to school to pursue a new career, UBI makes these difficult decisions easier and less straining from a financial perspective. Ideally, UBI needs to be an amount that makes a difference to people... and that is a tough thing to judge as individuals have differing opinions, priorities, and perspectives when it comes to money. As a college student, I'm sure my valuation and spending of $1,000 would differ drastically from a father, to a retired grandmother, or to someone who is struggling to find a job. But I think in each circumstances, it has potential to make positive impact in each circumstance in an array of ways.
Concluding Thoughts
UBI is a tricky subject. From one lens it is easy to believe that citizens are entitled to a portion of the success of the whole country, but not too much to where it becomes a detriment to the wellbeing of society at large. It is yet another instance where Aristotle's idea of golden mean must be pondered extensively to produce the best outcome. Yang's $1,000 seems to stack up on paper, as it does not entirely cover the cost of living, but provides substantial assistance across the board. It would not be until such policies were implemented however, for us to determine the value where a tranquil equilibrium is reached for UBI, the job market, and the wellbeing of the people.
Resources:
Where People Spend the Most (and Least) on Rent in America. (n.d.). Priceonomics. Retrieved November 1, 2021, from https://priceonomics.com/where-people-spend-the-most-and-least-on-rent-in/
