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The Pros and Cons of a Guaranteed National Income
There is a growing consensus across the political spectrum that our current welfare system is not working as intended. Although federal, state, and local governments spend nearly $1 trillion annually on at least 126 anti-poverty programs, we are doing little to help the poor get out of poverty or become self-sufficient. It is not surprising, therefore, that there is a search for a better alternative.
Among the ideas that have been gaining traction recently are proposals for some form of a guaranteed national income (GNI). Those proposals can take a variety of forms, including a universal grant, a negative income tax (NIT), or a wage supplement. Read more…