As the global economy stares down the barrel of rising inequality and increased automation, more countries are toying with the idea of a universal basic income. But a new report by the Organization for Economic Cooperation and Development (OECD) is less than enthusiastic, saying that without significant tax hikes, a basic income would do little to reduce poverty and even exacerbate it in some cases.
universal basic income
In a world of rising inequality and automation, the idea of a universal basic income is gaining momentum, from the most developed countries to some of the poorest. Finland made headlines when it launched a trial at the start of the year, and France’s left-wing presidential contender Benoît Hamon included it in his platform. Now, India’s chief economic adviser says it’s time for “serious public deliberation.”