Twitter CEO gives $3 million: Jack Dorsey to fund trial universal-basic-income programs

Twitter’s CEO, Jack Dorsey, is investing in the possibilities of a new universal basic income for Americans. To…

Twitter’s CEO, Jack Dorsey, is investing in the possibilities of a new universal basic income for Americans. To do this, he will be working with Mayors for a Guaranteed Income.

Mayors for a Guaranteed Income is a collective of mayors who want their cities—and eventually the country as a whole—to start universal-basic-income programs. There are currently sixteen mayors in the group.

Dorsey is planning to donate $3 million directly to the group. This donation will have a far-reaching impact. It could influence the lives of as many as 7 million people in cities like Newark, New Jersey; Atlanta, Georgia; Jackson, Mississippi; and Los Angeles, California.

Especially in the wake of the COVID-19 pandemic and the resulting economic challenges and career changes facing many, the move to give Americans a universal basic income could lead to relief from poverty and financial stress. This basic income is intended to augment programs that are already in place to financially aid Americans:

A guaranteed income is a monthly, cash payment given directly to individuals. It is unconditional, with no strings attached and no work requirements. A guaranteed income is meant to supplement, rather than replace, the existing social safety net and can be a tool for racial and gender equity.

“What is a guaranteed income?” Mayors for a Guaranteed Income

The statement of principles on the group’s website expands on this idea of equity with statistics that show the income disparities for identity groups including Black people, Latinx people, and Black and Latinx women.

Dorsey’s donation could be a step toward equity.

Dorsey’s net worth is $7.5 billion. With funds to spare and a desire to help, this is not the only charitable effort he has made in the recent past: to aid those struggling with the impacts of the novel coronavirus, he decided in April to part with and contribute $1 billion.

Universal basic income is not a new idea, but in 2020, it is gaining steam as a plausible solution for economic challenges and equity.

Article source: Business Insider, Mayors for a Guaranteed Income

Featured image source: AP

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