.AndrewYang talks to KaraSwisher about why we need an emergency version of universal basic income to combat the fallout from the coronavirus: “In the midst of a crisis, it’s vital that we get purchasing power into people’s hands as quickly as possible'
Photo: Adam Glanzman/Bloomberg via Getty Images When Andrew Yang announced his candidacy for president back in November 2017, it was hard to imagine that the futurist and test-prep millionaire would offer up the most prescient policy of the Democratic primary. Throughout his campaign, Yang pushed the idea of a universal basic income — $1,000 a month for every American adult — to help reinvigorate the middle class and to offset job displacement due to automation.
Andrew Yang: Well, the details have yet to be ironed out as to what the intervention or stimulus is going to look like. The last I saw is that they’re preparing two monthly tranches, one in early April — April 6 — and the second one on May 18. And it looks like the amounts that are going to be distributed to people are going to be means-tested and on a sliding scale.
Now it’s being laid bare that obviously there needs to be a way to get economic value into people’s hands when we’re trapped at home. And so a version of universal basic income becomes completely obvious in an accelerated fashion, but — Yes. So cash in people’s hands is an absolute good at this point. We should just be moving cash into people’s hands broadly, quickly, dramatically. One of the metaphors I’ve been using is that if your house is on fire, you don’t really care about how much water you’re using to put out the fire. And at this point, our economy is on fire, and we need to put liquidity into people’s hands, to help put them at ease, make them able to feed themselves and their families.
So the question is, how do you recapitalize that small business in a way so that they reopen? Because if you’re a bar owner who was just scraping by, and then your bar now is in deep debt in the red because you’ve had to pay rent and other expenses and had no revenue for the last several months, you might want to walk away — because if you get back there, how are you going to dig yourself out of that hole? And then if you’re the government, how do you actually recoup that bar and make it so...
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