Top White House Economist Dismisses the Idea of a Universal Basic Income

Jul 7, 2016 2:45 pm ET The White House’s chief economist dismissed the idea of a universal basic income, saying it would be counterproductive for the labor market and could worsen income inequality. “We should not advance a policy that is premised on giving up on the possibility of workers’ remaining employed,” Jason Furman, chairman of the Council of Economic Advisers, said Thursday in remarks at New York University. The concept of a universal basic income has gained traction among economists in the U.S. and Europe in recent years. Essentially, it would offer all residents over a certain age a minimum monthly allowance—regardless of whether they work or how much they make. The idea is to ensure everyone has a chance at a decent life even as technology shifts and the labor market…


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