Finland Will Pay Everyone in the Country $876 a Month

Finland Will Pay Everyone in the Country $876 a Month

To fight poverty and boost its own economy, Finland is planning to issue a check for $876 to every citizen, every month. The concept is called basic income, and the Finnish government is getting closer to finalizing its implementation this month.

The Finnish Social Insurance Institution (KELA) is drafting the plan to pay every one of its 5.4 million people $876 per month, tax-free, which would replace social support programs, such as welfare and unemployment benefits. Though a proposal from KELA isn’t expected until November 2016, a pilot stage is currently planned prior to full implementation of the program.

Basic income has been debated by economists for years, but Finland would be the first major nation to actually implement the model on a universal basis. The arrangement was initially popularized in the 1960s by Milton Friedman and would “provide payments from the state that would increase in inverse proportion to income.”

This could be the Finnish government’s answer to rising poverty and unemployment rates during a three-year recession, and it is certainly popular among Finns. In a recent poll by KELA, 69 percent of Finns support a basic income. Voters elected the Centre party this April, which campaigned in support of basic income, but the idea is popular among voters of almost all parties…..

Naked Capitalism

The Failure of a Past Basic Income Guarantee, the Speenhamland System

Billy blog

Employment guarantees are better than income guarantees

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
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