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Tech CEOs Call for a Universal Basic Income. But What are the Alternatives?

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1 month 2 weeks ago
The Washington Post looks at arguments that "AI's coming upheaval may demand massive infusions of cash to everyday Americans". But they also look at some of the alternatives: Anthropic CEO Dario Amodei has called for similar public-relief measures, including, potentially, universal basic income, or UBI. Eventually "our current economic setup will no longer make sense," he wrote in a blog post, adding that "there will be a need for a broader societal conversation about how the economy should be organized." Though OpenAI CEO Sam Altman once championed universal basic income, he has since embraced a new structure where the public has "collective ownership" of aspects of AI, according to Business Insider. "I think any version of the future that I can get really excited about means that everybody's got to participate in the upside," he said in a recent podcast interview. In April, OpenAI laid out a set of policy proposals aiming to address the coming upheaval, referencing the transition to the industrial age and the New Deal as points of comparison for what's on the horizon... But some experts question whether tech billionaires, who spent decades resisting regulation, unions and higher taxes, would support the kind of massive redistribution such programs would require. "The only way to pay for UBI is to massively tax those enormously rich people who own the UBI machines," said Jesse Rothstein, a professor of public policy and economics at the University of California at Berkeley who served as chief economist at the U.S. Department of Labor. "It's a nice surprise to hear Elon Musk advocating for that...." Rothstein co-authored a study in 2019 that estimated granting a small income to the entire country would cost a massive amount — nearly double the total spending of Social Security, Medicare and Medicaid. To issue payments of $12,000 a year to U.S. adults, for example, "would require nearly doubling federal tax revenues," according to the paper... Economists appear to broadly support other solutions beyond redistribution, such as job retraining. A working paper published this spring by the Federal Reserve Bank of Chicago showed economists support more narrowly tailored solutions to the economic disruption. In late April, Meta appeared to embrace that path, announcing "a multi-year initiative that provides free, rapid training to turn thousands of Americans with no prior experience into high-paid fiber technicians" for projects including data centers. Key quotes from the article: Elon Musk said in an X post that "Universal HIGH INCOME via checks issued by the Federal government is the best way to deal with unemployment caused by AI." "I think it's a marketing tactic" responded Scott Santens, a universal basic income advocate and is CEO of the nonprofit Income to Support All Foundation. He argued to the Washington Post that Musk's comment is "trying to thread this needle of, 'I want to solve this stuff that will potentially put a lot of people out of work.' And how do you avoid people getting really [angry] at that? Okay, well, you're still going to get money, everything will be great it's just you won't have to work anymore...." The article also cites a recent commentary from Jay W. Richards, a senior research fellow and VP of social and domestic policy at the Heritage Foundation. "The new AI prophets of doom suffer from a failure of imagination. They simply cannot envision what work the future will bring, so they conclude it will bring none,"

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