Updated July 11th, 2020 at 14:24 IST
Twitter CEO Jack Dorsey pledges $3 million for guaranteed income program
Twitter CEO Jack Dorsey recently pledged $3 million in a bid to support a group of US mayors who are experimenting with the creation of Universal Basic Income.
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Twitter CEO Jack Dorsey recently pledged $3 million in a bid to support a group of US mayors who are experimenting with the creation of Universal Basic Income (UBI). Dorsey is giving money to Mayors of Guaranteed Income (MGI), which is a coalition of leaders from 16 cities who are in favour of regular payments to residents in a bid to fight poverty and meet citizens’ basic needs. While taking to Twitter, the 43-year-old announced his support for experimenting free cash payments to Americans.
$3M to @MichaelDTubbs and @mayorsforagi for #guaranteedincome programs in cities across the country. This is one tool to close the wealth and income gap, level systemic race and gender inequalities, and create economic security for families. #UBIhttps://t.co/1APG505xZH
— jack (@jack)
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The UBI or guaranteed income is a policy by which people receive cash payments from the government, irrespective of employment status. While Dorsey called the #GuaranteedIncome program a tool to close the income gap and gender inequalities, MGI reportedly responded saying that the ‘entire network’ is so appreciative of his support. They further also added that together, they can make the American economy work for everyone.
$1 billion to #StartSmall
The Twitter CEO’s recent donation comes after he committed $1 billion of his personal fortune into a philanthropic organisation to support coronavirus relief. Back in April, he had said that once the pandemic ends, his funds would focus on health and education for girls and ‘universal basic income’.
I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: https://t.co/hVkUczDQmz
— jack (@jack)
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While the UBI has been repeatedly lambasted as ‘too costly’ or ‘too socialist’, the mayors reportedly argued that the ‘direct and unconditional cash’ will give people the freedom to spend money on their immediate needs, be it food, car repair, medicine or house rent. The former Democratic presidential candidate Andrew Yang had also supported the UBI and even argued it on the campaign trail. He had proposed to provide every American age 18 and older with $1,000 a month.
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Published July 11th, 2020 at 14:24 IST