Facebook Co-founder Proposes Fixed Amount Monthly Earnings
Yap, you read that right, Facebook co-founder Chris Hughes, who happens to own a fortune, in an interview carried out on Tuesday by CNBC expressed that it is the right call for the government to pay its citizens a basic monthly stipend of $500. He stressed that those working in the country who earned lesser than $50,000 a year, should be the target for this basic income.
To achieve this proposition, Hughes suggests that the government raises the tax of the wealthy in the state by 1%. He believes that when an individual works for his country, it is recommended and expected that his land gives care in return.
Hughes claims that this move has become essential as the growth of the technology economy continues to storm the country and crush the existence of physical employment opportunities.
Hughes Believes Technology Will Limit Job Opportunities
When asked, he expressed that he lacked an explicit idea where technology was heading to, but he was confident that it would continue to limit job opportunities till they are no more.
Some examples he sighted in regards to the expansion of technology into different fields of life and work, was Uber driver, Postmates, and the gig economy. According to him, this digitally enhanced firms are making exploit in their fields and are leaning into the right side of things. However, on the other arm of employment, he expressed that financial returns remained unsteady.
To further emphasize his point, Hughes, the advocate for basic income, raised to the attention of all, the challenge that the labor market has been faced with over the years. Job losses have continued to be a part of reality to the market, as job slates were lost to other countries. Not only that, the inclusion of mechanization to fill up the spaces created, has not bettered the situation.
He Thinks That Those Who Earn Less Than $50,000 Should Have Basic Income Beside This Amount
He expressed that it wasn’t time to sit around and allow things hit face first, before taking actions. According to him, the medium through which work gets done in the US has changed, and it was time to embrace it.
Hence, Hughes proposal remains a logically sound idea to pursue. He further articulated that, the basic monthly income should be deposited to those workers below the $50,000 annual pay grade through debit card or direct deposit. Also, he expressed that this extra income should be free of the primary paycheck of these employees.
Hughes, the author of Rethinking How We Earn, stressed on the potential government’s income tax credit― EITC― holds for the masses and the actualization of his plan. Now, EITC is a program crafted to provide financial support to families who live on low or moderate income. However, Chris believes there are still lots of steps to take to polish this plan into the dream life support for the working citizens of the States.
EITC Program Is Complicated Strategy
According to the college mate of Mark Zuckerberg, and graduate of Harvard, Hughes expresses that as of present the EITC program remains a complicated strategy by the government that leaves the families being assisted oblivious to the amount they obtain. He says, to bring this plan to update, it needs to be expanded, simplified, and modernized.
Hughes, the former representative and product team staff of Facebook, shared his pain regarding the reality of things in America in relation to the poor masses. According to him, the same elements that were vital instruments in the rise of Facebook are the ones responsible for the wonkiness of things in the lives of working citizens.
Hughes Says That Enormous Differences Between Salaries Of Employees In Different Companies Point To Severe Issues In The Region
He stated that though he remained happy and proud of his work with Facebook, that the reality of him making close to half a billion dollars in just three years, while during that duration half of the country’s masses couldn’t possess in their wallets $400 as a reserve for emergency, proved that there exists a severe issue in the region.
Though the vision of the previous publisher of The New Republic seems similar to UBI― Universal Basic Income― Hughes says it is not the same. While in the UBI, every citizen is bound to receive money irrespective of their salary weight, his proposal only targets to actualize a steady inflow of modest income, for those who truly need it.
However, Hughes stressed that in the future, the possibility of UBI becoming an approved program by the government remained feasible. He explains that the certainty of UBI is not what he is concerned about as of the present, but the people in America who deserve a balanced financial life, who are not getting it despite the hard work.
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