OpenAI billionaire Sam Altman funded a universal basic income trial that has yielded interesting findings. The preliminary results from a trial conducted by OpenResearch showed that participants, aged between 21 and 40 and earning an average of $29,991 per year, received $1,000 a month for three years. The trial, which included about 3,000 individuals in Texas and Illinois, aimed to analyze how the participants utilized the extra income.
Key takeaways from the trial revealed that the majority of the money was spent on essentials such as food, rent, and transportation, leading to an average monthly spending increase of $310. Participants were also more likely to move housing units, neighborhoods, and allocate funds for housing compared to the control group who received $50 per month. The report highlighted that individuals in the universal basic income program were 10% more likely to visit the dentist, worked 1.3 fewer hours per week on average, and allocated 26% more money to help others.
However, the data also indicated that the concept of universal basic income enabling individuals to explore non-work-related activities was predominantly experienced by those with higher incomes. Lower-income recipients did not have the same flexibility to prioritize leisure or other pursuits as their wealthier counterparts.
Looking ahead, the UK think tank Autonomy unveiled plans for a £1,600-a-month universal basic income trial in 2023 in specific regions. This initiative aligns with the growing interest in exploring universal basic income as a potential solution to the evolving job market affected by the advancement of artificial intelligence, as emphasized by OpenAI head Sam Altman. The IMF projected that by January 2024, 40% of global workers may face job disruptions due to AI.
These developments underscore the need for further research and exploration of universal basic income as a potential solution to economic challenges in a rapidly changing world.
