 What's up guys, I got a special video for you today. I got my good friend Floyd now Floyd is the CEO and co-founder of info queue if you don't know what info queue is please go check that out I'll leave a link below this video. However in this video, we're gonna be talking about something very important And that is UBI universal basic income now consider Floyd one of the most educated and well-versed individuals At least that I know personally that comes to this so hopefully you learn a thing or two about UBI So Floyd when we start off with your general say Idea of what is UBI to you? Yeah, I apologize. I can't keep looking at the camera since I'm kind of driving all the cars in autopilot. Yeah, we got a specialized I got to show you quickly a little tangent here. We got that's the Tesla. No hands self-driving. I love it so the basic income is this is the is the idea that we could actually rejig the system rejig societal expectations rejig the the role of government so that we're actually creating Effectively something like a dividend for everyday people for everyone So a dividend is one way of thinking about it. Other ways thinking about it as a basic income an income you get regardless of work Dividend is a kind of a next-level way of thinking about it. You know, we allow for private inheritance. What about social inheritance? There's a lot of Society's sustained has gained a lot of advantage from past generations from the contributions of people now long dead and a lot of that Money is not going to help Everyday people but but one of the main reasons why this is becoming more and more important is that we're entering Potentially a jobless future. There's two trends. The reason why a basic income now Let me let me get give a quicker introduction is the idea that everyone gets enough for basic food shelter and rent Maybe maybe it would be about $1500 a month because if you if you remove other people you could pool that money And it would take away that existential fear that most people in the world live with That wealthy people don't live with that. I don't live with Amir doesn't live with you know And and $1500 a month might be just enough to flip a switch that people don't worry about starving the next day Or how they're gonna feed their kids So if you take away that existential fear from people I just think it's gonna be a much much better society where people can actually have the power to say no So they know to a shitty boss. They know to an abusive marriage say yes to making long-term decisions for things They really want to do their future find their true gifts and talents in life And you know because that's what what's with the rich have over what we really have that's really wealthy really valuable is not wealth It's actually long-term perspective. It's the ability to say make a long-term decision not worry about how you're gonna get there and not worry about like if you're gonna starve and And that's that's the real value. It's it's hope it's absence of fear and we're seeing what what impact fear is having on the economy and on the political system so the reason why And I'm going off. I hope that's okay. Yeah, man. Go for it The reason why this is becoming more means more prime time now in terms of awareness is it fortunately more fear people are afraid that Automation's gonna take away all the jobs and there's a lot of credible studies saying that within 20 years We're gonna lose potentially half of all jobs and and these are from like credible Institutions including you know even like McKinsey company management consultant I think they said in the next like five years or so based on self-driving cars, which we're in right now It's kind of There's a 1.2 million jobs of this year like potentially 47% of all of all jobs in the u.s Could disappear within 20 years similar projections have been made for Canada for the UK for other countries and even sadly There's projecting 50 to 80% of jobs lost in the emerging economies because that's where just when those companies started to industrialized Started to take on manufacturing those the easiest to automate jobs What's gonna happen if like 70% of people are out of jobs in like you know in India or in China when there's just started to industrialize It's gonna be crazy. So basic income is seen as a solution Well, that's if we're entering a job this feature then this whole notion that you're a worthy person only if you work is gonna Go away because there's not enough jobs So we either find a way that we have a basic income so that everyone can survive and still thrive And take and take on for example part-time jobs gig economy jobs Upworthy of work type jobs allow for that or allow for a future where you know You have you know rich people living in space stations and everyone else living in shantytowns You know because like we have the star trek view the future or we have the mercantile dystopian view the future like in the movie Aliens where the the corporations are saying people other planets and stuff and you know It's just those two views right and automation could bring that but I actually think that really important is that even if automation was never even a Thing it was never even a factor. We're already on a very scary trend with inequality in general You know since the early 80s all the trend lines are going in a direction We're now like half of all Americans can't find $400 in case of an emergency the top 0.1% Oh one as much as the bottom 90 and that wasn't the case 20 years ago, right? So guess what all that money being hoarded is money is not being circulated in the economy That's that's buying power that's not there to help small business and medium-sized business and even large business So what's gonna happen when when the consumers just go away and if anything automation will just accelerate that because you're gonna Have few people owning all the robots and everything and owning all the websites And what's gonna that's what's that gonna mean for the ability for everyday people to actually buy shit So what are some decent proposals for you at the moment? So right now we're in an earlier stage where there's a few experiments that have already been done one was in the 70s in the town in Canada a small town in Alberta where For five years the whole village the whole town like 5,000 people got a basic income and they showed good results They showed a percent decrease in hospital visits They showed a very minuscule less work teenagers in school longer a mother stayed on Mount leave longer But but you know this whole fear people not working wasn't there There's there's been tested on in India that have shown that it's had amazing amazing Emancipatory effects on villages a lot of people turn to entrepreneurship also in Kenya really important said there by give directly There've been a few studies the 70s in the US to but they're quite small and they were statistically insignificant and But but basic income almost passed for example rich Nixon almost passed it past the house in the 70s it's kind of interesting by Republicans and But in terms of how to do it So that right now we need more research in that in that regard But there is actually have already been economists that have shown that for example Canada You could have a variation of basic income and you know in a revenue neutral manner Just eliminates a bunch of tax loopholes eliminate a lot of different welfare programs right now in the u.s A trillion dollars a year spent on 126 welfare programs fucking so you replace welfare with basic income you reduce the size of government You become a partner to people instead of a paternalistic just trust people to take care of themselves So there's been so it's been shown that it could be done in a revenue neutral way in Canada There's another study by an economist that showed that you could do it in the u.s For for only five hundred dollars additional income revenue that would need to be gotten from other sources and And these are just early stage right? So there's a lot of different approaches to to taxation or elimination loopholes or creating Sovereign wealth funds based on pooling You know the the results of like of like things we all commonly own for example like Republicans have proposed that we make A carbon tax, you know if you put pollution in the air well who owns the air so you can split that money Across to give two thousand dollars a check for two thousand to a family every family every year from just carbon tax alone in In Alaska they've had this kind of thing called the permanent dividend fund where every last can gets over a thousand dollars a year Just from oil revenues right like you know oil companies didn't put it in the ground They just took it out. So why wouldn't we share more of that? So there's a lot of new thinking about how you can approach recirculation of wealth It's not just income tax it could probably even done without raising income taxes There's a lot of different approaches and we really just need to get the will the political will to actually start looking into this What would you say are some good resources to start diving into this? I would say if you want the best comprehensive look just look up guy standing any videos by gas standing And he's got a recent book based income how we can get there. It's probably the most educated He's an economist and well was also a professor in the University of London and was in the UN labor Organization or whatever for many years so he he puts out the most comprehensive stuff But just also look on medium the basic income channel. You'll find a lot of great stuff there Cool, you know, I want to live in a world where I know that there's a floor, you know I know that everyone's okay not food stamps. Okay, not like um, he's arriving. Okay, not work to die Okay, but like not worried about existing. Okay, you know just knowing that you're gonna You're gonna be okay, and you can start a business you can take risks You can do stuff like that because you know that you're not gonna starve That's the world I want to live in that's the world we can create. I love it Well leave it at that. All right guys if you want more information on for Floyd I said there's a link below the video and I'll talk to you guys soon. Peace. Thank you