Greetings, everyone. I have recently watched a light documentary highlighting the implementation of Universal Basic Income (henceforth UBI) in the Gyeonggi Province of South Korea. I am unclear on its continued status, but the video showcased some revealing opinions regarding the program.
First, UBI did not mean “I don't have to do anything and still be spectaculously affluent!” It stayed true to its name, Basic. It was around 600 U.S. dollars worth of money each month. Enough for food and basic groceries. Nothing more. A university student mentioned how it allowed her to reduce a couple of her part-time jobs and free up some hours for studies and personal pursuits.
Second, the UBI was to be used only in the community. For the little stores and shops. It acted almost like a coupon. The money was sent to a specific account solely for the storage of UBI. The account would be tracked by the government so that you didn't siphon it out secretly.
Third, money not spent would be returned to be used for a future occasion. Meaning it wasn't stagnant wealth. It was genuine capital.
I would love to hear more about your experiences with UBI! I am very curious towards its practical and ethical outcomes.