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Could A Universal Basic Income Fix Covid-19 Economic Devastation?
Posted
April 10, 2020
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4:47Now PlayingSpain's government is mulling a basic income as part of a plan aimed at countering the impact of the coronavirus pandemic, according to Economy Minister Nadia Calvino.
Social Security Minister Jose Luis Escriva is coordinating the project and plans to put some sort of basic income “in place as soon as possible,” with the main focus on assisting families, Calvino said in an interview Sunday night with Spanish broadcaster La Sexta.
But the government’s broader ambition is that basic income becomes an instrument “that stays forever, that becomes a structural instrument, a permanent instrument,” she said.
Civil society groups lobbying specifically for a universal basic income (UBI) - one without conditions, paid to every individual - have said the suggestions in Spain are a move in the right direction.
Guy Standing, economist of the Basic Income Earth Network, and author of multiple books on UBI, says the coronavirus pandemic has made a universal basic income "absolutely necessary" in order to counteract a major possible drop in living standards as the global economy suffers from lockdowns.
But critics of UBI say it is unaffordable, unsustainable and undesirable. Standing told QuickTake it is "very, very easily affordable" if there is political will for fiscal realignment.
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