What Is the `Guaranteed Income Bill'?

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July 22 (Bloomberg) -- U.S. Basic Income Guarantee Network Board Member Allan Sheahen discusses the guaranteed income bill with Mark Crumpton on Bloomberg Television's "Bottom Line." (Source: Bloomberg)

The basic income guarantee is the government insured program to make sure that every citizen posses food, basic necessities, and shelter, our taking care of.

They will get a check from the federal government guaranteeing the economic safety and security.

Kind of like social security for everybody.

As you know, opponents of a basic income guarantee say it is one of the building go up -- building blocks of a welfare state.

It is a disincentive to work.

Would those who receive a guaranteed income be required to work as well?

Know, there would be no work requirement.

That is the same as was recommended by a presidential commission 35 years ago.

What we have today, we have unemployment, it will go up after that.

We do not have enough to take care of everyone.

It is something we need to do to guarantee people's eight -- basic survival.

Just because you are here, people are in titled to live, just like they are entitled to water and air and free-speech and other things.

We need something like this so people do not fall below the safety net, which a lot of people are doing now.

I bring up the point, what about the criticism that it might be a disincentive for people to go out and get a job?

We do not think it will be.

There have been tests and some people probably will but most people want to work.

We have found most people really want to do something with their lives.

They want to create and be important to the world.

Most people will want to do something.

If they do not do anything, if they get this grant, set at the poverty level, if they do not do anything, they will choose to live in poverty.

Not too many people want to do that.

Not too many people of our listeners right now would quit their jobs to go off and lie on the beach.

We all want to do that for a few weeks or so, but most people want to do something with their lives.

Is the u.s. economy stable enough to handle a basic income guarantee?

Can the country afforded?

We can.

It will cost $1.9 trillion, but we can do that.

We can cut out $400 billion in our current welfare administrative program, a lot of which just go to the administrators, about 25%. we can cut a lot of tax loopholes which favor the wealthy against the poor.

We can do other things like add a 1.4% sales stocks transaction tax, a wealth tax, which a lot of countries have.

There are many ways to finance this.

We are a wealthy country and we can do it financially.

We have experimental programs, similar in nature to a guarantee.

What were the results?

The alaska one has been going on for the last 25 years.

They gave everybody, man, woman, and child, $1500 a year.

It depends.

No strings attached.

Just part of their revenues up there.

Everyone gets the money.

Most people spend it wisely.

There is no evidence -- there is probably one guy who hops on a plane to vegas and blows it all.

That is a rarity.

Most people spend it on their children's education, or maybe buy a new coat for the winter.

If -- they are very successful.

In 1999, there was a proposal on the alaska ballot to get rid of this.

80% said no, we want to keep it.

On wednesday, low-wage workers from around the nation are holding day of action events and they will mark four years since the federal minimum wage was increased.

Would it increase the minimum wage from its current level of seven dollars and $.25 an hour?

Would that help at all?

A lot of people are had -- are asking that.

It would help in the present time.

But it is not the answer.

There are a lot of people do not work, they are sick, they are disabled, children cannot work.

Minimum wage is fine, but it assumes everybody can find a job.

And the technology coming along and gaining in strength every year, it assures us we will not have enough jobs.

I have about 30 seconds left . there is a lot of partisanship on the hill.

Given the fights in legislation involving healthcare and food cap -- food stamps, basic income guarantee ever becoming law?

It is a long shot.

Only 11% guarantee -- favor guaranteed income.

We will come to the realization soon that we have got to do something.

Jobs are not the answer.

Our slogan has been, jobs are not the answer and it is time to think big.

Basic income guarantee.

If anybody wants more information, they can go to our website.

Basicincomeguarantee .com.

This text has been automatically generated. It may not be 100% accurate.

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