Altman Releases US' Largest Basic Income Study's Findings

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Facts

• The results of a three-year study on universal basic income, carried out in Illinois and Texas by OpenResearch — a group backed by OpenAI founder Sam Altman — are out.¹
• The study involved around 3K people aged 21-40, earning less than $30K annually. For three years, 1K participants received $1K a month, while a control group of 2K received $50 a month.²
• The study's results reportedly provide insights into the sustainability of a universal basic income model in a possible future with a critical role played by artificial intelligence (AI).³
• It found that those receiving $1K worked fewer hours weekly than those receiving $50 monthly. Every participant was at or under 300% of the federal poverty line.¹
• In addition, Americans who received $1K a month demonstrated 'greater agency to make decisions,' including preparing for the future and 'expressing interest in new business ventures.'⁴
• Altman's interest in the project reportedly stemmed from predictions that AI and automation could obsolete jobs and that society may need a universal basic income model to ensure equitable wealth distribution.⁵

Sources: ¹Bloomberg, ²Quartz, ³Observer (NY), ⁴Business Insider and ⁵The Pinnacle Gazette.

Narratives

• Narrative A, as provided by Vox. The Sam Altman-backed study explored how AI-induced job losses might necessitate universal basic income. It highlighted that cash provides flexibility and reduces stress. Despite mixed results, the need for universal basic income as an effective anti-poverty tool is evident, independent of AI advancements.
• Narrative B, as provided by Wired. This study shows that giving $1K monthly to poor Americans didn't improve their long-term financial health and could potentially increase their dependence on financial assistance. So, while cash grants help meet immediate needs, they aren't a comprehensive solution for job loss due to AI.

Predictions