Universal Basic Income

Chicago may become one of the first U.S. cities to implement a universal basic income program. The proposal, introduced by Chicago Alderman Ameya Pawar, would provide 1,000 families with a $500 monthly stipend - no strings attached. The bill already has the backing of the majority of city lawmakers, and Pawar hopes to soon work with Mayor Rahm Emanuel to implement the pilot program.

This was reported at Seeking Alpha this morning. So is Universal Basic Income a good idea? To a socialist, nothing could be better. 

Only problem? Who pays for it? For a city that has been struggling to balance it's budget, I find it absurd. 

(Is $500 a month for 1,000 people "universal" and "basic income?" I try not to be cynical, but sounds like buying votes to me.)

As Margaret Thatcher once said: "The problem with socialism is that eventually you run out of other people's money."

Those interested in expanding their knowledge of the subject will find these articles worth their time:

Why Socialism Doesn’t Work, as Learned by a Waiter

Why socialism always fails: The Big Lie of the 20th Century

Why Socialism Failed: Collectivism is based on faulty principles