Is Universal Basic Income The Answer To The Job Displacement Caused By Artificial Intelligence?
As technology continues to advance and become more sophisticated, the fear of job displacement and unemployment caused by artificial intelligence (AI) is becoming more widespread. The question arises; is Universal Basic Income (UBI) the answer to this problem?
Universal Basic Income is a government-provided monetary fund given to all citizens, regardless of their employment status. The goal of UBI is to provide basic financial support to help them stay afloat and cover their expenses without having to rely solely on traditional jobs.
The AI revolution has already begun, as machines continue to replace human labor in various industries. Traditional jobs, such as manufacturing, transport, and administration, are becoming automated, leading to an increase in unemployment. A study by Oxford University suggests that up to 47% of current jobs are at risk of being automated in the next 20 years. This includes jobs in retail, finance, and even the legal professions.
Proponents of UBI believe that it can be the solution to this problem. By providing a basic income to all citizens, it allows individuals to explore alternative career options or invest in education to learn new skills.
UBI can also provide a safety net for people who face unexpected job losses due to automation. This will help them transition into newer jobs or roles in the gig economy without being faced with the risk of poverty.
However, critics argue that UBI can discourage people from working and contribute to higher taxes. Without specific conditions, UBI may also not adequately support those who are most vulnerable, such as the elderly or people with disabilities.
Additionally, the implementation of UBI will require a large financial investment from the government. To fund such a program, taxes on the wealthy may need to increase, which may face opposition.
While UBI is not a universal solution, it can be part of a much broader approach to handle job displacement caused by AI. Governments can explore measures such as investing in education and job retraining programs, encouraging entrepreneurship and innovation, and even reducing working hours without reducing pay.
In conclusion, job displacement due to AI is a growing issue, and UBI is one of the possible approaches to address it. However, UBI should be combined with several other measures to create a comprehensive solution. With the appropriate implementation, UBI can contribute to a fairer and more equitable society, where all citizens have access to a basic standard of living, regardless of their employment status.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)
Speech tips:
Please note that any statements involving politics will not be approved.