SAN DIEGO, May 19, 2020 (GLOBE NEWSWIRE) — The following are the statements and opinions of Alastair Caithness, Ziyen Energy and Ziyen Inc.
The legacy of Dr. Martin Luther King Jr. will always be one in which he is remembered for his undeniable role in the civil rights movement. Another legacy he championed towards the end of his career prior to his assassination in 1968, is the belief that poverty, not just amongst people of color, should not be normalized and he fought tirelessly to find solutions.
Income inequality is usually blamed on cheap labor in China, unfair exchange rates, and job outsourcing. Corporations are often targeted for putting profits ahead of workers in an effort to increase profits. U.S. companies must compete with lower-priced Chinese and Indian companies who pay their workers much less. As a result, many companies have outsourced their high-tech and manufacturing jobs overseas. Since 2002, the United States has lost 20% of its factory jobs.
The idea of Universal Basic Income became a popular policy again in 2019 when Andrew Yang, who ran for president as a Democrat, announced he would implement a guaranteed income if he were to become president. Yang proposed for the United States to set a guaranteed payment of $1,000 per month, or $12,000 per year, to all U.S. citizens over the age of 18.
As Yang dropped out of the Democratic race, his idea ended with his withdrawal, yet because of COVID-19 it has now returned as a mainstream policy debate.
The question is how far will $1000 go? He never addressed the issue of the impact of inflation which would trigger because of the increase in demand for goods and services, and in the long run there will not be a major increase in standard of living for poverty-stricken families because of inflated prices.
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