How South Korea Experiments With Universal Basic Income | WSJ
2020 ж. 8 Қаз.
735 631 Рет қаралды
To stimulate its pandemic-hit economy, a province in South Korea has been experimenting with universal basic income programs by regularly giving out cash, no questions asked. Now, some politicians want to go national with the concept. Illustration: Crystal Tai/WSJ
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"Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor" --James Baldwin
And the lengths ppl will go to to survive.
and how expensive it is for society to not have a social safety net!
And how spending money like you dont care on drugs, cigarettes and alcohol while you have a family to feed, cloth and shelter is no problem. See it all the time.
This guy literally comments quotes on every channel I watch.
@@elijahpeterson6966 why are people like you not paying them more so they can afford all of that. oh that's right I forgot you have to enrich yourself at their expense.
The key point is that the money must be spent *locally
Which is great , gives the chance to small local businesses to fight against mega corporations
isn't that what like the vast majority of people all over the world spend the vast majority of their money already?
Money is not free. Can't believe how unfortunately unintelligent some people on this comment section are.
Facelessify1 I think in the US (small, not urban cities) its harder to shop locally and not rely on the huge corporations to gather your supplies (esp it you’re always only out for the best find) I think it’s super cool that they’re allowing this program even if it has such restrictions, fresh markets and small shops are also more densely placed around out in cities of asia/europe compared to the states, making the local cycle much easier to select through
@Aaron Z. If money had no value you wouldn't be able to go to your local Starbucks and have them give you coffee beans for it, or have an airline spend fuel and pilots to give you a flight overseas. Money absolutely does have value because people and businesses say it does. Money is synonymous with value creation. Perhaps you read The Communist Manifesto one too many times and didn't study history ;)
I am an Australian living in Gyeonggi province and I received this local stimulus during the pandemic. It forced us to spend our money at local restaurants and businesses instead of going to big grocery stores and food chains! We still spend our money at those businesses, using our own money, because we were able to discover new places in our neighborhood! Such a great program.
How? I'm a Canadian living in Gyeonggi and I was ineligible for anything.
@@annecolangelo8811 Ah It is possible that it wasn't communicated effectively. I didn't get any messages about it, we had to go to a building to sign for it. I am not sure why that happened!
@@annecolangelo8811 2차 재난기본소득은 결혼이민자와 영주권자에게만 지급했던 1차 재난기본소득 때와는 달리 등록 외국인은 물론 국내 거소 신고를 한 외국국적 동포까지 모두 지급받을 수 있다.
@@wonpec Only foreigners married to Koreans and permanent residents, that makes sense. I should have applied for permanent residency haha. The one coming up in April is only 100,000 won but it's better than nothing. I'm gonna apply for sure. Thanks for the useful info ^^
@@annecolangelo8811 as a canadian can I ask why your moving to South Korea?
Two key ideas among others are "locally spent" and "must be spent by a given time",
Indeed
its not free money, you cant spend it anywhere, its basically a cupon.
@@Rodoadrenalina Well, more like a gift card, but it's a good thing. You enrich your local economy rather than buy some stuff off Amazon or Ebay.
CBDC
@Jesse Potato you are not korean...nice try
The funny thing is that Andrew Yang (presidental candidate in America) was talking about this (universal basic income that will come from taxing IT companies, like Amazon and Facebook, that pay zero taxes) , but people didn't take him seriously and media simply ignored him. I guess its time to look back and take his word seriously rather be involved in presidental nonsense that's happening in the White House. (I understand that Yang's idea was raw, but the experimentation in South Korea showed its plausible to introduce it. Therefore, it could be adapted).
@sonnick True. And to be honest I don't understand why the media would block him. I guess it just does not fit their plans.
You have seen Congress has started the movement to break up The BIG FOUR TOO MUCH POWER !
@@brooksteer5629 lol. I doubt Drump have no knowledge on understanding about UBI.
But this is a bit different Yang said the UBI will probably go to big companies to Amazon. And in this case the government controls where you spend kinda throwing the Income part out and making it Small Business welfare. Dont get me wrong i like the idea but this is a bit more laser focused than yang's
@@a-10wartaboo77 yes. Honestly, the idea that was proposed and experimented in the South Korea is more refined COMPARED to UBI.
No joke, I’d be able to eat out more at local restaurants if I had the extra basic income.
Honestly I think most people typically do want to get things locally as opposed to buying from large corporations like Amazon or McDonald's. It's just that the large corporations are able to provide cheaper stuff, and when you're short on money that can make a big difference. That's why a UBI could be huge for local businesses, it'll make the local stuff a lot more affordable to people
@@OpiumBride the buy local thing is just anecdotal from my personal experience, but as for the "who will pay for it" question, it really just depends on the funding mechanism. For example, if you look at Andrew Yang's freedom dividend ($1000 a month, $12k a year), he funded it through a 10% VAT (a tax on consumption) on non essential goods - for reference, most European countries have around a 20% VAT. In the worst case scenario where businesses passed the full 10% onto their consumers, then you would have to spend $120,000 a year on non essential goods just to cancel out the UBI. Realistically speaking, they're probably not going pass the full VAT onto their customers since it would be bad for business, so the threshold for cancelling out would actually be much higher. Because of this, unless you're already super rich and/or are spending a lot of money on non essential items, you probably won't be losing any money under that particular plan Keep in mind though that Yang's plan is just one version of a UBI. I just used it as an example since it's one of, if not the most widely known UBI proposals
Nah, McDonald's wants your money
@@JohnYoo39 And I want their fries/nuggets. So we even
How is that funny?
This is an amazing way to build community. Most people go to chains because it’s well known and has become comfortable. By limiting where it’s available, you can learn your community and locals, something we’ve lost with modernization.
This! Yes we need this. I’m a Korean and I fully support this.
@Jesse Potato you're posting everywhere. Just makes it seem like you're a bot
@Jesse Potato 똥파리니 아니면 수꼴이니?
@Jesse Potato If you're korean, talk with the guy who's talking to you right now and prove it to us. Also, 90 usd is not a lot but it's enough to survive a year.
@@thastayapongsak4422 I'm from Germany and I can't understand how it's possible to survive for a year with 90 USD. I mean South Korea is a rich country so the cost of living should approximately the same🤔 So can you please explain what you mean by that.
This should be done in the US, instead of people buying things from Amazon, let them buy thing from their community to help it survive.
Andrew Yang
nah let’s let local businesses die and become slaves to our corporate overlords all hail bezos
Sam Wulfekotter *Robot Voice* All hail Bezos
kzhead.info%ED%97%88%EA%B2%BD%EC%98%81TV/videos A man named kyung young huh in Korea has been claiming national dividends since 30 years ago. It is a high-level compatibility concept that covers all the shortcomings of basic income.
Buying from Amazon is making your fellow Americans poor. Someone has to pay for your cheap item and that is the employee. You basically f*** him over. Most of the people working for amazon have no choice but to choose that job.
Some people in the comment section saying 'Nobody will work anymore'. But dude.. it's $400 .. not $4000 lol. Who would STOP working because they have 400 dollars in their pocket that can be used only for certain local shops. They can't even pay for the monthly rent with that $400 LOL
The only people who are saying that are the ones who don’t have to work anyway
@@queenlifestyle25 this comment is it
roughly 430 a month they said. times 12 is 5160 because 12 months in a year. there's approximately 200,000,000 people living in the united states over the age of 18. 200,000,000 times 5160 is 1,032,000,000,000. That is over a trillion dollars a year. According to one estimate, Yang's universal basic income that he proposed would cost $2.8 trillion a year. Who do you think is going to pay for that? Obviously I hope that I am wrong and that it works, but I find it unlikely that this will ever be brought to the U.S. any time soon.
@@colbyharley9975 I find it interesting you researched how much it would cost, but not how Andrew Yang would fund it. It would come from automation taxes and data taxes. Facebook, Google, they all have huge amounts of data on us that they use to make money off of us (watch Social Dilemma for more info), it's only fair that companies should pay for the data they collect on us, and that money should go to all of us. Not only that, but as demonstrated in this video, labour markets are shrinking across the globe due to automation, Yang sited truck drivers as a job field that would be over in a decade or so, it's only fair that a (small) share of profits from automating people, gets shared with people. Yang also sights Alaska, which has a form of dividend to residents as a good example, and this has been around for more than a decade without negative impact. One day, a computer will do your job, it will do my job, it will do 90% of our jobs, we really need to stop thinking about what's worked in the past and start thinking about how the economy will work when there are no jobs. The past has no case studies for solutions, we will have to embrace elements of socialism.
400 dollar is exactly what my monthly income is.
Smart policy decision in making the money only usable for local small business consumption. Thriving small shopping enclaves in your neighborhood is the experience everybody wants.
I am using that gyeonggi card now. And many small business owners are benefiting from this. Economy getting better and customers booming with new strategic policy. If you have 100 dollars in your gyeonggi card and spent more. You get more points and can use on any places and stores without paying actual money. The privacy concerns is absolutely ridicouls to Koreans as we never faced problem like in US.
최규화 you will suffer when they stop this and ask for compliance for payment. This is a very very slippery slope. And it’s not free money. Someone has to pay for it somewhere.
@@1royalwolf Fortunately. Our system is not like US where your money went or spent, gyeonggi province have tracker system where your taxes spent on which part of social service or government consumption.
@@1royalwolf gyeonggi pay invented since 2018 and nothing happened what you mentioned suffering from something. Gyeonggi province governance is not corrupts as American political system.
@Jesse Potato 좌파타령에서부터 이미 걸렀음.
This is absolutely fascinating to me. I loved how it mentioned how the student was able to let go of several part time jobs and focus on getting her bachelors degree. As someone who is somewhat in that stage of life, I feel like a program like this could seriously curb the stress of trying to start a life.
In korea a part time job gives you around 1k usd a month... how is that even similar...
This "experiment" has seen a huge success in Korea. This was a fantastic idea
@Jesse Potato but for UBI, only factories would be taxed. Do what am I missing?
@Jesse Potato 똥파리니 아니면 수꼴이니?
@up Up 토왜니ㅋㅋㅋ
too low to be a huge success lol
@Jesse Potato Do not lie. I know why you did such a dirty lie.
That's brilliant. Spending locally on important things and not on unnecessary things like in McDonald's is very good idea to regulate that money
The thing is that you can actually sell $200 coupon for like $190
Bleach Apéritif They could just attach coupons to ID so they’re not redeemable by other people like lottery tickets.
@@blaze0812 Don't lie. The UBI is not a coupon. It's an actual credit card which is linked to your ID (social security number), etc. You cannot simply sell the funds to someone else without giving away your identifying information.
Bleach Apéritif Also, is someone else buys a $200 coupon from another person from $190, the local economy would still be stimulated in the end since the buyer intends to redeem the coupon.
@@WellBattle6 did you not watch? The money comes as a credit card in your name. Even if you could sell the credit card, the UBI would still work since the money can only be spent locally.
Of course , the “American” professor can only see the negative side of it .
"Muh privacy", "It is my right to express my freedom", Etc. notice how such data collection is already present in contemporary U.S. American society, but they accept it because it's done by corporations.
They probably only included a brief part of her interview. Her twitter doesn't seem like she's against UBI at all.
@@-haclong2366 you can choose not to let them collect your data , and support encrypted serices like signal etc but if a government does that you cant do much until the next election
Much to your surprise, top capitalist/Economist Nobel laureate Morgan Friedman was an avid supporter of ubi.
@@MajinXarris you mean Milton Friedman? and other top economists like Hayek were in favor of it
I love the maturity speak of "we will also include high taxpayers because it´s an Economy policy, not a Social Policy", the level of understanding the differences between the 2 types of policies has a huge impact on what you are doing... just wish the politics from my country understand the difference
I don’t think there’s a clear divide, really. The social differences are economic; the ways and places that low versus high earners will spend money are very different. (For example: high earners will substitute their existing spending with the UBI, while lower earners will add new spending, meaning UBI to low earners stimulates the economy more than high earners.) But i think it’s politically easier to pass something truly universal, even if it economically isn’t as effective.
@@deawinter I respectfully disagree. Social Policies are easier to pass them Economic Policies. And it´s not about been clever, but mature. Social policy in general means an aid (emergency or long term), for a specific part of the population. The whole idea is to fill the social gap with the rest of the population, may it be due to a Natural disaster, or Social segregation, which could be Income gap or any significative segregation... The aim is to integrate that part of the population into the main population, as soon as possible and then extinguish the aid. It´s easy to pass because it´s temporal, it´s public spent, and if the section of the population is narrow, it´s not that expensive. Economy Policies the aim is to shift or adapt to how your economy works, in general, it changes how contracts are made and how competitive your economy became. In general, it changes a sector(s) of the economy. in the specific case of automation, the message he wants to show is very clear... this is not a compensation to address low income or unemployed workers, it will not go away, nor it´s a social policy that can be lost if the conditions change. The concept is to have a fully automated nation, and the background is that anyone will be affected by it, as it´s like the infrastructure of the process. Like build a road, or a port... does not matter if you will be using that or not, that will affect you.
@@akihibara6436. I´m from Brazil, but have been travel a lot.
Same. The politicians *and* the people.
"Trickle down" you say? This would be the "trickle up" economy.
thank you, lol was about to say the same!
Or "trickle out." I'm a small business owner and being able to spend it with other small businesses would be great. And it keeps the $$ in your local economy. Even if we did that by state, that would be helpful... especially since they exclude chain stores, etc. All those times I might buy from Amazon, I could buy from a local shop. That in turn betters my local economy and makes my city a better place to live.
This is very true. This helps circulate cash locally and regionally, thus helping the economy out especially at times like this. The government doesn't see this as a handout but a way to stimulate the economy at all different levels starting at the small business levels. I hope it works out and does good for the community.
trickle down doesn't mean literal money, it's more like the goods get more available. Like back in 1995 a PC cost so much that most people could not afford it, now you can get 100x more powerful laptop for 299$. That's because of capitalism
Fairly ethnocentric assumptions on the professor’s part tying South Korean basic income to privacy concerns. I’d appreciate the chance to hear her case more in detail, but it seems more like she’s applying an American lack of trust in institutions to the South Korean population and its government, rather than analyzing and rationalizing the policy from the South Korean perspective. After seeing how the Koreans willingly and effectively responded to COVID, it seems like they’re willing to give up small freedoms in exchange for effective institutions and programs that have tangible benefits.
I agree. Like the US government doesn't already have means to track you *rolls eyes*
Unfortunately I'd say Korean politics is pretty similar to American politics. South Korea did well in 2020 because the current administration is progressive; in contrast, during the previous conservative administration in 2014 when MERS broke out, they intentionally downplayed outbreaks in hospitals to avoid the hospitals losing revenue. The past admin was also under fire for egregious abuse of power, such as putting directors and actors on a media blacklist based on political affiliation, so I'd say there is very real risk if a similar administration came to power in the future.
@@Superboop150 Very interesting, thanks for sharing. Do you find that the current population prefers the more Progressive leadership or that there is a reemergence of right-wing populism like we're seeing in Central Europe? I would imagine that institutional trust and satisfaction is higher in 2020 than it was in 2014.
To be fair, just based on the professor's choice of words, I think they were likely specifically asked to comment on the potential privacy concerns of the program. It's my guess that the reply is a little bit out of context because the presenter chose to try to present an opposing viewpoint. This is one of the things I don't like about this kind of reporting. It creates a narrative that might not exist anywhere outside the reporter's head.
@@Superboop150 I totally disagree. SK did well BECAUSE they have a progressive govt? You must be a left-winger. Nearly a half million small businesses collapsed when the same govt increased minimum wage to about US$8/hr despite warnings from economists. (SK's per capita GDP is about half that of the US.) The current govt had the benefit of time and experience gained from MERS. Using your logic, the previous govt did better because only 38 people died in 2014 vs 430 fatalities from Covid so far.
This is next level public policy. It's so cool how forward-thinking South Korea is. The post-Corona world will have a new set of leading countries, and South Korea is one of them.
Yes i think so. Because they are so strict at healthy policies and briliant idea on economic. And also the tech industry still have revenue
@Mewmew Mew 아직도 이런걸 믿는 사람이 있네. 나라 빚은 증가량으로 비교해야하고 표만 생각하고 미래를 생각하지 않고 정치를 한건 이명박근혜죠. 베네수엘라에서 아.. 그냥 일베에서 퍼온자료 믿는구나 싶네요.
@Mewmew Mew 제발 조선일보 좀 읽지 말고 oecd방식은 환율에 영향을 받는다는것도 모르나 프레임에 갖혀서 한쪽만 생각하지말고 좀 찾아보이소
@@user-fq1pn9xu4y 대깨문 발견
@Mewmew Mew 개인적으로 반문이지만 문재인 보고 사회주의자라 하는 건 아니지 ㅋㅋㅋ 심지어 노동정당이야 할 정의당도 요샌 노동 색채가 옅어지고 페미정당으로 변질하고 있는 마당에 단순히 확장재정하고 큰 정부한다는 이유로 사회주의 정권이다, 나라 베네수엘라 된다는 말을 하니 허무맹랑해보일 수밖에 없음. 보수권 지지자들에게 사회주의라는 어감이 강하게 다가오고, 그렇기에 문재인을 그렇게 호도하는 게 어필이 될진 모르겠지만 중도나 범진보 입장에서는 타격이 없음. 보니까 다른 데에도 돌아다니며 답글 복붙해놨던데 그게 외국인들한테 먹힐지, 그리고 외국인들한테 한국의 정치 지형을 왜곡해서 전달하는 게 긍정적인지는 모르겠고. 국채가 이번 정권 들어서 많이 늘어난 것도 맞고 뭐만 하면 조건반사적으로 이명박근혜 외치는 것도 지겹긴 한데, 국채 오르는 거는 지금 상황에선 불가피한 점이 있고 위에서 언급했듯 한국 경제지에서 공포감을 조장하는 측면이 분명히 있음. 정책적으로 지금 큰정부로 가냐 작은 정부로 가냐, 그리고 기본소득/그린뉴딜/지역SOC사업등이 타당한지를 따져야지 박근혜 때는 어땠고 문재인 때는 어땠느니 대깨문이니 일베니 그게 생산성이 있어보이지는 않는다.
4:00 Sorry to break it for you : We are already being TRACKED without UBI, did you forget that credit cards exist?
Exactly, coupons taliored to your purchases and everything
And even worse it's by private companies who's goal is to get as much money from you as possible. The government has to at least Pretend to do everything for the interests of the people...
Credit cards, cell phones, web browsers, mail etc...
Is it mandatory to use thm?
@@hubertman694 it is also not mandatory to receive UBI if you do not want to
"Universal Basic Income is not a Utopia, it's a practical business plan for the next step of the human journey" --Jeremy Rifkin
yeah, why would anyone work if he gets money free?....
@@phildurre9492 passion for their work? A sense of purpose? Extra money to be able to afford more than just the basics? Plenty of reasons to still work,
phil durre Universal income only affords basic needs. No ambitious person will stop working.
UBI will allow humanity to shift from mostly working to survive to a world of working to thrive ❤️ innovation and creativity will become the standard instead of a privilege reserved for the few
@Jon Mar It seems you misunderstand the mechanics of UBI. It's not "same pay for everyone regardless of what you do" but rather "everyone receives some amount unconditionally."
Emphasis on “potential”, it looks as if this program is working to boost the local economy instead of multinational companies which is always a welcome addition.
I remember hearing that Myung was reading Andrew Yang’s book “The War On Normal People” last year. I guess it had a big influence on him.
Big influence on him is originally from Huh kyung young's 33 policies which has been insisted by Huh who's the leader of National Revolutionary Party since last 30years in South Korea....
@anythingisnatural I should have clarified, I was talking about it in regards to the automation part, but I understand what you're saying.
More like from Bernie. I’ve been supporting him for about 7 years now. He has always talked about Bernie Sanders since day 1. Andrew is cool tho
@@ssamhangugeo4824 Bernie is an inspiration to a lot of people, he was an inspiration to Andrew Yang but he isn't and never has been an advocate for UBI. I wish he would change his stance on the subject.
@Jesse Potato 똥파리니 아니면 수꼴이니?
Korea doing right. Respect.
Dang Must be nice to have a government that actually cares about their people
it must be nice to not have to spend trillions on a military because they trust a foreign power to protect them.
@yh jh 단순 포퓰리즘 정책이면 월 스트리트 저널에서 소개를 왜함
They dont care about their peole. IT IS JUST POPULISM
@@Zozozzo510 So you prefer a country that exploits the people instead of a country does something positive for the people but you can only see the ulterior motive? You should move to Brazil :)
*scared of*
So South Koreans give taxes to the government The government gives it to people The people spent it on shopping The shop owners give taxes And the whole cycle continues
Which is good
You do realise right just like energy the intensity decreases with each cycle
In Korea, the bottom 50% has no income tax. Excessive welfare is unnecessary.
@@user-mq6fc7gc8p in India only 1 percent give income tax
@DivineHeresy what money is US giving them lol?
South Korea's living in the future
while usa holds on to relics of the past
No they are losing their future lol it's just a part of populism to get votes from people. If you know how much debt south korean gov has, how much tax increase per year after lefties take over south korea, you wont say that
@@Park-oc5le Yeap every country has debt. But the SK it's not that high (USA debt = 26 trillions; SK debt = 580 billions, almost 50 times lower). Moreover, the UBI pays itself: if you look at the data provided by the video, you gonna see that it can boost the local economy. In addition, the tax gap derived from unemployment would be provided from mechanization industry taxes.
Tim you cant stop automation. This is the future wether we like it or not
@@Dadauston They have a low debt 38% of the gdp thanks to past governments which can be qualified of "very conservative" from a western point of view. This government just passed a bill this week allowing the debt to go up to 60%. The result of this policy will be see in the next few years.
Showcases programme in Gyeongi province Shows stock photos of Seoul only Me, a South Korean: *Facepalm*
Me, a non South Korean after reading your comment: facepalms aswell and smh. Also me: thank you for pointing out, I would not notice otherwise 감사합니다
i was gonna sayyyyyyy thissssssss---!!!! I am like.. oh thats hangang...... isnt that seoul? myongdong stock images? lol
I didn't know there's a mosque on the hill in Gyeonggi haha.
@@PersonManManManMan No problem!♥
Hyunsung Jung sk hi
Lee Jae-Myung did this for several years. He used to do this for Seongnam City when he was Mayor there, it was revolutionary. After moving up to Gyeonggi Province Governor (where Seongnam City is part of) he extended this policy to all Gyeonggi Province recently. He was doing this for years and it works like charm!
Jesse Potato sure ‘jesse’
@Jesse Potato did u think about investing the money they gave u instead of spending it?
@Jesse Potato do you perchance have any links to additional info about this program? You called my attention since you don't have a rose-colored view on this matter.
@Jesse Potato 똥파리니 아니면 수꼴이니?
Here's the catch Jesse Potato is a troll, pretending to be Korean... Just browse the comments. He keeps posting with same words, typical trolling maneuver
Andrew Yang
MATH
the man. Maybe 2020 wasn't his year but one to watch for the future. With a bit of more political experience and name recognition he will not doubt be a strong figure in us politics
Yang2024! Biden will give him some token position but he will shine even as the rest of the administration fumbles
@@rabbitsforyang8273 baby steps baby steps
Yeah. He's Korean version of Andrew yang.
This policy is a consumption-inducing policy implemented with local currency that is given to all residents of Gyeonggi Province and expires if not consumed within 3 months. So everyone somehow Self-employed people in their own regions... had to consume them in the market. In the end, they activated the domestic economy It was a great help to the local business district.
In your dream, yes... 😂
kzhead.info%ED%97%88%EA%B2%BD%EC%98%81TV/videos A man named kyung young huh in Korea has been claiming national dividends since 30 years ago. It is a high-level compatibility concept that covers all the shortcomings of basic income.
Already last May, starting in Gyeonggi-do, South Korea experimented with the people of the whole country.
As a korean, i felt like all the viewers here misunderstood that this UBI policy is basic policy in Korea, when it's actually temporary policy during corona disaster.
This is exactly how UBI should be given,so that local economy can be revived! Post pandemic world needs this!
The smartest politician I've ever seen - governor Jae myung Lee! The rest of the world should absolutely pay attention to this man's life story and his brilliant policy making processes. How he adopted a basic income theory into practical small businesses' survival strategies, contributing to S Korea's positive economical outcomes are truly inspiring! - not just a welfare theory that we tend to associate it with, but making it into a proven economical health care system. (In s kr, about 20-30% self employed small business owners contribute to the nation's overall economy)
Well said! Tysm for saying everything I wanted to
Think clearly, not every country is the same, and neither are countries' situation during this pandemic similar
I laugh at the uneducated imbeciles who think their economy would tank because of this. This is such an ingenious way of stabilising the economy and combat poverty, and other low income issues so early on
So... Reduce the tax burden on self-employed small business owners and you will solve ALL of your economic problems. Small business owners WILL reinvest their savings into their businesses, and will then hire more folks to work for them. Why do you need the government to dilute the money, waste most of it, and then give people a small amount back? Would you rather work for a living, or get a poverty-wage handout from the government, which they stole from somebody who worked for it?
@@johnhonker3362 Well money is money
South Korea has proven that Andrew Yang's idea is to improve the economy.
Canada in the 70s, India and Finland more recently (thought their trials were on fewer people or with even smaller shares of local average income).
Watch Peter Schiff podcast on Andrew Yangs UBI if you want to have a balanced view on the subject. I watched hours of Andrew Yang and then hours of opposition. I'm convinced that UBI doesn't work now.
@Anon From the money you invest in Wars and politicians luxury cars ? Ow, and by taxing Giants that pay no taxes. Basic income doesn't mean you don't work. The system is still running, but on a more human scale, wich makes people more happy. Look at the docu, poor people have now the chance to consume, wich brings money to the system, wich permits it to grow, wich permit's it to robotise and be automated, wich frees human labour, stabilizes the system and gives us more time to think about Survival and the next step of evolution.
Well, not yet, we'll have to see, the effects of such policies take years to show, everyone was praising Venezuela's policies in the early 2000s... Of course i don't believe SK is as radical as Venezuela was back then, but we can't claim victory yet.
@@arlethgrimaldo3534 trust me it wasn't everybody praising Venezuela. People who know Austrian school of economics know that sound money and free markets are the best way to wealth. If Venezuela had capitalism it would have been much better off even during the glory days.
These ideas can only come about when you have politicians who actually care about the people and not their own jobs. You can see the Eastern countries displaying wisdom in how they have tackled this pandemic. Contrast that to USA where the politicians have been obsessed only with downplaying and badmouthing the other party members (for the most part).
Consider voting/writing in Howie Hawkins and Angela Walker 2020 Green Party USA www.gp.org #greenpartyusa #greenparty2020
South korea is leading universal basic income.. marvelous country.
Actually, some African countries have done this before.
Let’s take a walk Which ones? I’m not arguing, I just haven’t heard of anything like this being done in Africa.
No, the concept is not basic income but rather keeping the money within the system. She cannot give it out on chains but rather on local business who then pay more profittax or have the money to expand, resulting in increased economic activity. It is, in fact subsidicing the local economy by giving inhabitants more money too spend. IF you, f.e spend that money on Amazon, the money is barely taxed and send yout to and offshore account somewhere in the Caribean or Ierland. Basically the money leaves the local system which impoverished local communities.
Not if the money supply is still being devalued ..doesn’t fix the core issue. A true lasse faire and deflationary currency doesn’t need to be force on their citizens. Commerce and saving are done outside of the govt
@@user-zu2kf8ke7x relying on the govt is not freedom..then again skorean have been pawns to the west even religious beliefs which is sad. no character.
This is genius, the concept has been around for quite a while but finally we have a big scale experiment. I hope more countries could learn from this and adopt their own version sooner than later
There are a lot of incredible futuristic polices happening in GyungGi Province in Korea including 'data as labor' and 'delivery platform cooperativism' in addition to the local currency and the basic income for youths.
I hope that the experiment succeeds. Its possible for it to work because robots produce more than a human can. But rich people have been pocketing that money and firing workers.
Have you ever got a pay check from a poor person that didnt bounce?
Elijah Peterson I don’t understand your question. But typically poor people tend to pay in labor. They provide much needed labor and get money back. We make a profit from their labor.
The money will just keep going in circles - frees up money for workers to buy bigger ticket items from the rich...the rich keep much and put some back into the cycle
But it's not in a good favourable rate in this time of pandemic, automation and off shore outsourcing. That's why today's neoliberal capitalism is failing, we need better systems.
Nope we are stacking more debt and we have lower birth rate as the year goes
That is such a good idea , it would help local business everywhere.
Andrew Yang wanted this for the USA but you all thought it was a joke...
@Anon do your research... or watch this video. :)
@Anon You say it doesn’t help, got anything to back that up? And cutting student debt? Pray tell, what the logistics of that would be?
@@danielhu6485 ^
@Mewmew Mew bit we are headed in that direction. That's why they are in the testing phase. Here in the US, Congress has written plans to deploy when nessasary.
@Mewmew Mew And thats a fact bro. Socialism / communism will end us.
Imagine doing this in America. We'll have Karens screaming in McDonald's about why they can't pay for their chicken wrap
May I introduce you to a former presidential candidate, Andrew Yang?
Yeah, it's like, totally stupid that some "karen" would get mad that the government isn't allowing them to spend their money how they choose to. That's like really dumb.
@@johnhonker3362 It’s not exactly their money though is it? Is the governments money...
@@johnhonker3362 I think you’re missing the point of this money. It’s meant to simulate the local economy. If you’re currently in America, you know how much of an epic fail the Coronavirus stimulus money was. This money wouldn’t be replacing the money you should be already making. And it’s a way to keep people from completely abusing the system. You want to spend money at big chain stores go get a job. A homeless person who suddenly gets an allowance isn’t going to care where they can spent it as long as they can get food and shelter.
Karen will be screaming that her getting the money is fine, but telling her where to spend it is communism. At the same time, she'll be screaming that UBI can't replace food stamps, because "those people" will spend it all on beer and cigarettes. "Those people" need to be told what to do, but Karen is capable of making any and every decision on her own. She will also convince herself that government has nothing to do with her extra $1000 a month, and will call you names if you point out the obvious.
Fantastic reporting. Thank you very much.
@TC Fenstermaker this is propaganda
I had never thought this was part of UBI program. I will vote for him next time.
UBI will likely become possible through the increasing automation of labour over the next few decades. By taxing the labour of machines and AI, a lot of money would likely become available UBI should be structured based on your qualifications though. That way we can continue to incentivise education
That professor had the most remarkably ridiculous concerns about the most minute things. I got so enraged by the level of ignorance she displayed. Maybe I am missing something
Rich elites are not happy empowering poor people...what else is new
apparently nothing else about this to criticize. thats how good it is
videos ofc it’s such an amazing initiative by the government and to think they’re even being able to achieve scale at such a level is really something else
It is also funny how that Prof from Pennsylvania tries to discount this program by espousing this idea to distrust governments abt the unauthorized use of information gathered from the collected data. If you are a registered voter or a passport holder the govt already has your information. If you answer a question for the census the govt already uses these information for policy building.
Which is strange because Ioana Marinescu is a supporter of UBI, maybe she doesn't like this idea because its not a true UBI and it doesn't allow citizens to spend the money how they like.
Congratulations. You’ve just helped your economy go into a golden age.
Koreans: Wow, this is an amazing help for me! Westerners: B-BBBUT MUH PRIVACY!!!!!!!
Ugh... I wish Andrew Yang pulled through into the candidate president's here in the US
Same, I was going to vote for him as my first option, I'm still disappointed to this day, he really backed up his plans with logic, statistics, and compassion for the people, something nearly impossible to find in the US anymore.
I still don't think that he would've been able to pull off the $1k a month for every U.S. citizen though
Brian Abisdid that would be a king and expensive process to remove those government programs... millions of americans survive off our government programs and removing them to provide UBI will not be ideal.
@@StephJ0seph might not be. But he’s much better than what we have now or even if it changes to biden, yang would still be better. Pragmatic leader. Non ideological.
Yeah because that would change things... Oh wait no in order for that to happen people need to understand how Government works and the real problem is the 40 year career politicians...not the 8 year President.
Sad to see almost no one is talking about the project's implications for South Korea. Everyone seems to be talking about USA.
Most people saying that are in the US, and that is their focus, not South Korea.
To be fair, this is an American publications channel, most of the viewers are American, and would know very little about South Korean culture and economics
Americans want the money man, they actually need financial education, and then money
Because of US economics, you need every penny you get and the thought of this system getting implemented is attractive. The system already getting tested in South Korea and showing positive results has no need to be fantasized about further because it's already a reality and showing that it works really well.
As an American I'm tired of hearing american this and that, vote this and that, but eh is wad eh is
Something really similar happened in malta.. the Maltis government issued a food and shopping voucher for every citizen worth 100 euros.. and the plan was extremely successful and it helped restaurants and shopping centres till a certain % of recovery form pandemic disaster
This is called “demand side economics”. Not the trickle down economics - aka “supply side economics”
Trickle down economics is not a real economics theory.
@@sebastienholmes548 It is. let us take trump's tax cut program (as controversial as it is, but let's use it for this example's sake). Individuals and companies get tax cuts, meaning they have more money left over after paying taxes. Companies can either employ more people or pay existing employees more or pay their shareholders more dividends. More people get more money, which they spend. Existing employees may save that extra money in banks but then banks have more money to lend. More employed people means that more people can buy things. Shareholders, already as rich as they are, buy things that show off wealth. But even those things had to be manufactured somewhere. Oil subsidies allow oil companies to produce more because the losses that would occur without subsidies are covered. More production means more employees are needed.
this side is very very little talked about. in capitalistic west, very very much is emphasis still on supply.
It's trickle up economics 😉
@@tchaffman All economy is. Otherwise company has some sort of weird one on one customer relation. Government is also trickle up, they always gather taxes.
I wish the US could institute this system...
If people vote for the Forward Party then a UBI will be implemented. I cannot see the Democrats or Republicans introducing a UBI unless they are left with no other choice.
It took me a while to realise this, but UBI is basically just a redistribution of wealth from the rich to the poor. If you tax people equivalently, say $1000 a month and then give it back to them, then there is no point to the program. It only works because taxes are paid unequally. The higher your tax rate, the higher percentage of the of the program you are paying. Arguing that rich people shouldn't receive the money is foolish. All you are doing is increasing the complexity of the tax system. For rich people, the amount of money they receive is a tiny fraction of the money that they pay. Not giving it to them does nothing other than add paperwork. In this case, if the system is paid for with a levy on automation, then you are basically transferring money from large corporations to people. Since the corporations are owned unequally (with the rich owning more), then you are essentially transferring money from rich stock investors to poor non-investors. Of course, whether this is what you want to do is a lot to do with your philosophy on how societies should work. Should we be outright giving poor people money, or are there ways to present opportunities to poor people? My own personal feeling is that giving poor people money outright is actually a good idea. For society, money is the lubricant for growth. You limit growth by limiting the number of people who have access to money. Oddly, this is a very capitalistic notion -- capital is the basis of economic growth. The more people who have access to capital, the more efficient the system (the *opposite* of a centrally controlled economy). Even if some capital is wasted, making sure that people who can make use of it get their hands on it helps everyone. It's a bit unfortunate that most people with a lot of money tend to dislike this idea because for them owning a larger piece of a smaller pie is more important. Once you get beyond your basic needs, what you really want is control, not wealth. For this reason, I don't really see UBI catching on in most Western countries. A country like South Korea is interesting, though, because it is still focussed on hyper growth of the economy rather than building fifedoms. It will be interesting to see if they go forward with the idea.
We saw with the stimulus checks too. People spent them almost instantly. Giving people money will never ever solve poverty. The reason they became broke in the first place is not because they didnt have access to money its because they spent it. Its a good idea on paper but in practice it doesnt work. Like communism and socialism
In effect the rich are losing nothing though. They'd only be losing the further advantages they would have had as robotics and AI become increasingly influential- because tech will still make the rich richer, but without such subsidies it will make inequality that much higher and the poor will be the ones paying for it through loss of jobs. The rich are still winning as tech becomes more important, this is just to make sure that the costs to the poor don't break them and destabilise society. I wrote a university essay on this in like 2015, as robotics erradicate the working class, the working class must have a means of transition or otherwise the underclass (people who have no hope of progression or even survival) will grow to a destabilising extent. This way, poor people have a means to gain an education, where they can then contribute to the growing intellectual demands of an increasingly technological society, while robotics and AI will take up the slack in terms of manual tasks. Of course there will still be an underclass, but it needs to be managed through means such as this to give people hope and means of living/progression.
@@wilfordthe4th422 Spending the money was the entire point of the stimulus checks though, because consumer expenditure is the thing that maintains the economy, so if people just saved their stimulus checks then the stimulus wouldn't have been so stimulating to the economy.
@@wilfordthe4th422 my stimulious check went to car repair, food, dental and doctor care... OH THE HOROR! How awful I actually spent that money on things. we'd all be better off if jeff bezzo's account was 0.000000001% higher and I just had a car sitting there not able to run a roting tooth that could become infected, and cost way more to treat in the future, etc.
@@wilfordthe4th422 The UBI is created to redistribute the money achieved by automation back to those whose jobs were replaced. Automation is great because we can finally get away from the mind-numbing, laborious work that no person would ever actually want to do. However, it's necessary to give the capital back, or else whose gonna buy the products that are made. There is no point in forming a bunch of trivial jobs in the place of the lost jobs just so we can justify giving them "free" money, that would just be a waste of their brainpower. The machine works for the company and for the people. It allows them to pursue enjoyable vocations, and there will be no need for any blue-collar drudgery, while allowing companies to produce products at a rapid speed, with point accuracy, 24/7. However, if the money isn't redistributed this relationship cannot exist.
eat inMcdonalds Government: get you card and *B E G O N E*
This is awesome!! Ever since i first decided i wanted to be an electrical engineer I’ve thought robot workers should be taxed, and used for UBI. It just makes so much sense, and I’m really happy to see it’s becoming a thing
The fact that she said it alleviated her stress level should be more than enough to support such a program.
This is a great idea as it helps alleviate the stress and economy. Also, it encourages the flow of money
I am so proud I am living in kyungi province. I love Jaemyoung Lee and my people.
You guys are the winners for choosing governors like Lee jae myong who care people.🌷
KOREA IS JUST ON ANOTHER LEVEL!! THISIS BRILLIANT!!
If South Korea successfully rolling out UBI, I hope Andrew Yang will be back running again in 2024 or 2028.
👍
Very timely execution. The world needs UBI more than ever.
I believe that is a good idea, even if one were to start with merger 100 rupees /month in a Programm similarly costly to implement (girls) education could be extended to average 4th grade level! 70 bilion £ however are a steep commitment and the UK isn't currently stabilizing relations so it would need to be supernational.
Taking money from taxpayers and washing it through a government bureaucracy will NOT "create" wealth. That money is diluted so much that it takes more and more and more to give somebody an equivalent amount. Letting people spend their OWN money by cutting taxes means that 100% of that money stays in the community. Jesus... You people and your government solutions.
@@johnhonker3362 its not about creation its about redistribution
@@johnhonker3362 There is Anachocomunism, it is quite idyllic. I am quite open to structures of rising tides floating all boats but most of them are not readily implemented below 150 participants.
@@joeythekangaroo6537 they are poor because they were born poor, a lot of rich people got incredibly lucky or where born into rich families themselves.Not to mention that many of them exploited their workers to get where they are ahem ahem jeff bezos.
Didn’t expect to see a privacy discussion in this report... Hello America
Ioana Marinescu looking, sounding, and empathizing like a real life stereotypical cartoon villain in 2020 is amazing.
how does she sound like a villain?
Stormfront from The Boys 😂
The people who needs money doesn't care a straw of what specialists say. There are few worst things than "specialists" who doesn't have their skin in the game and pop out of nowhere to lecture on how people should do things.
This shows welfare programe could be economic boost policy.
So many crazy people in the comments that think this will make you lose your freedom somehow
People still believing they are free?
having to much freedom is like a drug, it makes you think everyone around you wants to take it away. for that, it slows progression and what could prosper
@@JulioMeza People were never "free" and dont actually want to be "free" to begin with, thats why self-discipline is a thing.
@John Doe The govt should keep tabs on how each amount is spent. The point of this money is to help them get through college or help find a job. Not to spend it on liquor and street food.
@John Doe What an idiot
Instead of Yang, we have two senile old men arguing who is the lesser worse at leading the nation.
There's still Jo Jorgensen, she's just a little behind in the polls.
I thought they were arguing who is the worst.
privacy: whats about almost all silicon valley companies selling data
Can they arrest you? Can they get your freedom? Is it mandatory to use them?
Having more of your income confiscated,your entire life in exchange of substandard government run service isn't anything to brag about. its actually embarrassing..
The rich see's economic crisis as garage sale, that's why investing right now will be the best decision.
@@smithwillison6345 Despite all the economic crisis, this is still go of time to start up an investment.
I'd rather impress and impact people by creating value to their lives which is the only true and honest path to wealth and abundance.
@@ericrobert4651 The best way to impact your community and people around is to create jobs and opportunities.
@@danhanson5314 Talking about investment. what investment can anyone go into, in this pandemic?
Im korean in Korea. Support for Universal income for sure.
Privacy concern.. boo hoo.. Meanwhile people are tweeting from their toilet seats
While here in the U.S. we are struggling to get another one time stimulus package
This was a great piece.
This is amazing
In principle, more consumption requires more production, more production requires more work or workers. This is a valid system.
This guy is super genius and sees far more things that other governors cannot see. Hopes he becomes next president in SK and to see how SK improves dramatically with his great plans.
Wow I love this! It’s a very creative and smart way of doing things.
Korea ❤️
south korea always a country the world learns from
And Japan
@@exploreexostanexoandsuperj8096 Japan is not doing this so exclude japan from this.
@@grow1820 im not talking about this specifically. Im talking about overall society
This would reduce poverty, homelessness, and crime. This would increase happiness and prosperity. Governments: "Sounds interesting. We'll need 50-100 more years to think about it."
Very good initiative 👍
Stop the cry about privacy. People give up personal information already to use free WiFi or get coupons.
Problem with that assistant professor raising concerns about privacy is she is applying US conditions to S.Korea. In US , there is little to no trust in govt./public officials for most of the people. That’s not the case in many East Asian countries like S.Korea.People there trust their govt. and public officials very highly.Which is also why , many of these countries were able to more effectively handle covid.
@@nsrc4031 completely untrue, they do not trust their government they are more subsurvient.They are in large percentage cowards and afraid.i currently live in one similar country where i can get 10 years for a comment on youtube.stop spreading false things online.i have lived in the states and know the difference.
@@drincogni interesting fact I can say based on ur comment is countries like S.Korea ,Japan rank better than USA in democracy index. I don’t know in which bubble you are living ,but you need to do some research first and then talk. And also stop saying it’s false ,for the things u don’t know. Good day brother.
@@drincogni Here is one such survey : news.gallup.com/poll/5392/trust-government.aspx Please don’t make a fool of yourself next time.
@@nsrc4031 research lol, i lived on 4 continent, i am more apt to judge what is truth and not, i am a medical doctor and a law student.dont trust anything just because its on a paper or survey,believe me, i am trying to escape the country i am ij right now where they removed all our right since 50 years and the population are so dumb they accept it all.experience things for yourself.believe me maybe in the future you will realise i was right.right where i am people are unemployed while the politicans drive armour BMW 760 LI and the population are happy! Check out the island of Mauritius, the government here locked its own citizen outside in other countries, the citizens yet are happy with how things are handled
Andrew Yang : Now y'all regret not voting for me.
this is so great and amazing...
I’m so proud of my home. It’s flourishing compared to what it was 10 years ago. This makes me so happy!!!
This is a really great concept!A way to protect it's citizens from automation
Malaysia should do this to combat money laundering and tax evasion. It is time for informal economies like hawkers to start paying tax. The current ewallet program is merely for tech adoption but not for economy as it does not exclude imported goods from online sellers.
Hey awesome. The robot tax idea is a good one, and I'm excited to see how this progresses.
smart. That's going to boost the economy by a lot. I Hope we will have time to see the results on the economy
If you want to know more about universal basic income, reading "Utopia for realists" is a must! Excellent book! :)
Dang South Korea is ahead of the game, so this is what it looks like when the government cares about their citizens
It’s the ignorant people in the USA that block these things. People were enormously angry about the $1,200 that some people got from COVID.
This is such a smarter way to help people in need and help boost local economy, as research have shown the stimulus cheques were spend on debt payments and went to savings.
I'm Korean and I think he is the smartest and bravest politician in Korea now. He should be the next Korean president.
Me 2 ~~ 🌷
Gyeongi-an here. Local UBI helped a lot of business stay open during the pandemic since you can't use geonggi-pay in businesses with annual income over 9000 usd. I can buy pretty much anything with it.
Lose your freedom? No. If a country can have a prosperous economy without human labor, it must pay citizens using this generated wealth. If everyone gets it, there’s no problem. Besides, this is just a test case. Ultimately, cash payments to citizens should be usable for whatever they wish.
This is just so nice for the South Korean government to put the community small business in trheir first priority it'll boost the economy
East Asians are smart, hardworking and intelligent people.
Yes and their spices and food
This is the future.
@Hulagan 808 okay uneducated person
This is the present. Tag along.
@Buckminister Fuller why are you even trying to talk to that guy. You will not have a meaningfull conversation with him i can guarantee you that.
I've been advocating for UBI for years now. I'm actually really glad to hear that a government's reaction to the pandemic has been to move this experiment to a large scale. The pandemic has been the perfect opportunity for developed countries to look at the future holds, when automation takes up and increasing amount of people's work. It's pretty obvious that with the advent of more automation work loads aren't going to be reduced to a 2 working day week, but there is definitely going to be shift away from consumerism and the economy is going to rely more on things like experiences, arts, culture rather than goods production. Sorely disappoint in my own government's inability to capitalise on the opportunity to get a head start, but great to see someone putting in the leg work early.
Very nice program 😊. I've been advocating for this program for a long time. Hope It'll come to India as well.
UBI is one of the only programs that seem to be popular with both the left and right