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Stockton, California is set to become the first city in the nation to embark on an experiment of Universal Basic Income, paying 100 residents $500 a month without any conditions.
The program’s purpose is to eventually ensure that no one in the city of 300,000 people lives in poverty. The receivers of the cash will be able to spend the money on anything they want without any strings attached.
It will launch by 2019 and the 100 fortunate residents will receive the cash for a full 18-months as part of its testing phase before deciding whether to roll it across whole Stockton.
The article goes on to state the following:
The city, which was once known as America’s foreclosure capital, has recently fallen on hard times, with one-in-four residents living below the poverty line and the median household income is nearly $8,000 lower than the national median.
The city also racked up millions in debt from expensive development projects that led to the city’s bankruptcy in 2012.
“We’ve overspent on things like arenas and marinas and things of that sort to try to lure in tourism and dollars that way,” said Stockton Mayor Michael Tubbs.
Luckily, the experimental program won’t deplete the city’s coffers as it benefits from financial backing by wealthy Silicon Valley moguls. One of those backers is Facebook co-founder Chris Hughes, whose the Economic Security Project contributed $1 million to the project.
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— KTLA (@KTLA) July 10, 2018
Fox News California’s ‘foreclosure capital’ to give away $500 a month to residents in experimental welfare program Fox News Stockton, California is set to become the first city in the nation to embark on an experiment of Universal Basic Income, paying… https://t.co/flrc2lRDnt
— World News Coverage (@WorldNewsCovera) July 10, 2018
In Stockton, California, where about one in four residents live in poverty, new Mayor Michael Tubbs is set to launch an experiment on a universal basic income. https://t.co/RbwGAfe9s5
— Keith Boykin (@keithboykin) June 5, 2018