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Just 80 miles east of Silicon Valley, one of the wealthiest regions in the country, is Stockton, California — once known as America's foreclosure capital.
Soon, the former bankrupt city will become the first in the country to participate in a test of Universal Basic Income, also known as UBI. Stockton will give 100 residents $500 a month for 18 months, no strings attached.
The nontraditional system for distributing wealth guarantees that citizens receive a regular sum of money. The goal is to create an income floor no one will fall beneath.
The concept of Universal Basic Income has gained traction and support from some Silicon Valley leaders, including Elon Musk, Richard Branson and Mark Zuckerberg. It is seen as a way to possibly reduce poverty and safeguard against the job disruption that comes from automation.
"We should explore ideas like universal basic income to make sure that everyone has a cushion to try new ideas," Zuckerberg said at a Harvard commencement address in May 2017.
The Stockton project has its roots in Silicon Valley, too. Its financial backers include Facebook cofounder Chris Hughes' organization, the Economic Security Project — a fund to support research and cultural engagement around Universal Basic Income. It contributed $1 million to the Stockton initiative.
Soon, the former bankrupt city will become the first in the country to participate in a test of Universal Basic Income, also known as UBI. Stockton will give 100 residents $500 a month for 18 months, no strings attached.
The nontraditional system for distributing wealth guarantees that citizens receive a regular sum of money. The goal is to create an income floor no one will fall beneath.
The concept of Universal Basic Income has gained traction and support from some Silicon Valley leaders, including Elon Musk, Richard Branson and Mark Zuckerberg. It is seen as a way to possibly reduce poverty and safeguard against the job disruption that comes from automation.
"We should explore ideas like universal basic income to make sure that everyone has a cushion to try new ideas," Zuckerberg said at a Harvard commencement address in May 2017.
The Stockton project has its roots in Silicon Valley, too. Its financial backers include Facebook cofounder Chris Hughes' organization, the Economic Security Project — a fund to support research and cultural engagement around Universal Basic Income. It contributed $1 million to the Stockton initiative.
