California city begins Guaranteed Basic Income program

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from The Mind Unleashed:

The Southern California city of Compton is launching a pilot program that aims to provide a basic income to 800 of its low-income residents, with zero strings attached.

Dubbed the Compton Pledge, the guaranteed income program will begin distributing free cash to 800 residents of the city in Los Angeles County for a period of two years. Compton Mayor Aja Brown has said that the ambitious program is the largest of its kind in for any city in the U.S.

The majority Black and Latino city is just the latest in a growing list of cities across the country, and the world, that is experimenting with new ways to put money in residents’ hands give the grave economic calamity caused by the ongoing novel coronavirus pandemic.

“I recognized that there’s a need for additional income, especially with the pandemic resulting in record high numbers of unemployment throughout the entire country,” the mayor told the Los Angeles Times. “This is a great opportunity to address inequalities for Black and brown people and also additional opportunities for upward mobility.”

The guaranteed income program is also meant to “challenge the racial and economic injustice plaguing both welfare programs and economic systems,” according to a statement released by the Compton Pledge on Monday.

“People in our community are going through tough times, and I know that guaranteed income could give people a moment to navigate their situation, and have some breathing room to go back to school, explore a new career path, spend time with their children, or improve their mental and emotional wellbeing,” Brown said in the statement. “Ensuring all people are able to live with dignity is something we should all strive for in America.”

Roughly 1 in 5 residents of Compton live below the poverty line – roughly double that of the national average – according to census data. The plight of Compton residents has only been compounded by the ongoing health emergency, which has raised the city’s unemployment rate to 21.9 percent.

The Compton Pledge has already raised over $2.5 million in private donations through the Fund for Guaranteed Income, a charity headed by the family of L.A. Times owner and billionaire bioscientist and transplant surgeon Dr. Patrick Soon-Shiong.

Under the program, randomly selected families from a vetted group of low-income residents will receive at least a few hundred dollars on a recurring basis along with tools helping to advise them on their finances. Parents and guardians may receive more, while anonymous researchers will track the spending habits and well-being of participants.

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