How much would an American Basic Income Cost?
My guess is that around two-thirds of the US population would qualify for a Basic Income. The US Census Bureau estimates America’s population at 326.767 million people.
Therefore, a Basic Income will cost around $1.8 trillion a year if most Americans receive it. I use the $1.8 trillion figure because an effective Basic Income will need to be available to most Americans. My guess is most Americans, around 300 million, would receive the Basic Income.
Paying for the Basic Income is not as difficult as you might think. Statista estimated the 2018 US Gross Domestic Product (GDP) at $20.413 trillion. Therefore, America has the money to pay for a Basic Income for most citizens right now.
Economic growth can cover the cost of Basic Income if Statista’s forecasts are correct. Statista predicted that the US GDP will grow to $23.787 trillion in 2023. We can pay a Basic Income and still have plenty of money left over to fund the federal government with that money.
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