Yang touts that he’s done the math to make sure UBI could be properly implemented in the United States, but experts say he got the math all wrong. John Cogan, a senior fellow at the Hoover Institution, says UBI would be an absolute disaster, both socially and fiscally.
Cogan claims that approximately 230 million adults would be eligible to receive the cash handout. It is important to note that to qualify for the UBI, you cannot be a recipient of any other welfare program. That includes, but is not limited to: Supplemental Nutrition Assistance Program (SNAP, or food stamps), Temporary Assistance for Needy Families (TANF), Supplemental Security Income (SSI), or Women, Infants, and Children (WIC).
If all qualifying adults chose the cash handout of $1,000 instead of other welfare benefits, here’s what it would cost. At $1,000 per month, that’s a total of $12,000 per person, per year. Thus, $12,000 for 230 million people would cost $2.8 trillion.
Experts: ‘Math Guy’ Andrew Yang’s Calculations For Universal Basic Income Are Pretty Far Off
Cogan claims that approximately 230 million adults would be eligible to receive the cash handout. It is important to note that to qualify for the UBI, you cannot be a recipient of any other welfare program. That includes, but is not limited to: Supplemental Nutrition Assistance Program (SNAP, or food stamps), Temporary Assistance for Needy Families (TANF), Supplemental Security Income (SSI), or Women, Infants, and Children (WIC).
If all qualifying adults chose the cash handout of $1,000 instead of other welfare benefits, here’s what it would cost. At $1,000 per month, that’s a total of $12,000 per person, per year. Thus, $12,000 for 230 million people would cost $2.8 trillion.
Experts: ‘Math Guy’ Andrew Yang’s Calculations For Universal Basic Income Are Pretty Far Off