Experiencing prosperity has been getting increasingly difficult with the increased rates of unemployment and inflation all over Earth. A huge proportion of human population does not have access to even the basic needs of life. With every passing day, malnutrition and famine is rooting even deeper on the global scale.
Despite some commendable efforts by the leading nations and humanitarian organizations, the problem is only getting worse and an increasing number of humans are facing abject poverty and lack of access to the basic essentials of life. Of the many contemplated solution, basic income is one of those socioeconomic solutions that has shown the potential to reduce poverty (if not totally eradicate it).
Basic income, what does it really mean?
Basic income is defined as the minimum income that is considered “naturally granted” to every human being (regardless of any requirement or obligation). This basic income is the guaranteed minimum income that every person must have to entertain his basic necessities for a peaceful physical existence. This basic income must be granted to every human being, rich or poor, man or woman, working or unemployed, child or adult (regardless of gender, race and religion).
The concept of basic income – where did it start?
Poverty is not a new world problem rather it has been there since long. The history of basic income concept goes back to the 19th century and rests on the principle that people’s needs change, and without interventions it is not possible for all individuals to experience prosperity.
All of people’s necessities need catering to. Every human life deserves to enjoy the fundamental rights of living. The concept of basic income has been evolved to mitigate these problems with the core idea of providing basic income essential to maintain the honor and dignity of human life (regardless of race, religion and creed).
Basic income – how can it work?
Basic income programs can be funded via various methods. The general responsibility of funding the basic income agenda lies with the state. Although majority of the funding presently comes from the state, however, in certain notable areas the basic income agenda is being supported by some political or nongovernmental organizations as well (solely for the welfare of regional communities).
There have been some heated debates on the possibility and feasibility of basic income worldwide and the major issue regarding the basic income program is its funding. Supporting billions of people is has huge financial implications hence it compels think tanks and other organizations to ponder over the program by weighing the pros and cons. As it turns out, there have been many studies that support or oppose the sustainability of basic income programs.
Basic income – how to make it possible?
Establishing new factories and creating more work opportunities would not only create jobs but also the generated revenue can be used to directly fund the cause of basic income. Owing to the scope of program, many countries have introduced such measures on the national level. The fruitful results of such programs have encouraged the social planners to contemplate on globalizing the concept. This globalization would also help reinforce the UN Millennium plan which is focused on removing all sorts of poverty from all over the world.