This generation could potentially end poverty “once and for all in the United States.” That’s according to Chris Hughes, author of “Fair Shot” and co-founder of Facebook. His radical plan to get there? A guaranteed income of $500 a month for people earning less than $50,000. Many of the jobs that have been added to the U.S. economy over the past decade are “part-time, contract, or temporary,” explained Hughes. “They’ve been fundamentally unstable. We’ve created...a winner-take-all economy.” “So in my view this isn’t about pitchforks coming for the rich...It’s about what we owe one another.” Hughes’ proposal would be funded by the people “who have done well in our economy,” placing a 50 percent tax on income that exceeds $250,000 a year. “That and closing some other egregious loopholes could provide $500 per month for every American who makes less than $50,000.” The positive results of such a plan can be seen in the Earned Income Tax Credit -- “the largest cash transfer program in the world” where “tens of millions of Americans just get checks,” Hughes pointed out. Data from that program shows that kids in families that receive the tax credit “do better on tests, stay in school longer. They’re more likely to go to college.” People who get the credit are also incentivized to keep working. “So we know that it’s actually a powerful tool to lift people out of poverty,” said Hughes. Similar ideas, like Universal Basic Income, picked up a lot of momentum during the 2016 presidential election when Democratic candidate Bernie Sanders showed an openness to the concept. Several Silicon Valley heavyweights, including Tesla CEO Elon Musk and Facebook CEO Mark Zuckerberg, have also come out in support of some form of cash handout program particularly in the face of increasingly automated jobs. For the full interview, [click here](https://cheddar.com/videos/facebook-co-founder-chris-hughes-says-its-time-for-the-1-to-help-out-more).

Share:
More In Business
Starbucks’ Change Flushes Out a Debate Over Public Restroom Access
Starbucks’ decision to restrict its restrooms to paying customers has flushed out a wider problem: a patchwork of restroom use policies that varies by state and city. Starbucks announced last week a new code of conduct that says people need to make a purchase if they want to hang out or use the restroom. The coffee chain's policy change for bathroom privileges has left Americans confused and divided over who gets to go and when. The American Restroom Association, a public toilet advocacy group, was among the critics. Rules about restroom access in restaurants vary by state, city and county. The National Retail Federation says private businesses have a right to limit restroom use.
Trump Highlights Partnership Investing $500 Billion in AI
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
Load More