Monday, October 01, 2018
Stockton, CA will try universal basic income of $500 a month to residents, first city to do so in the nation, six years after municipal bankruptcy!
On Sunday evening, September 23, I drove I-5 south from Sacramento and passed through Stockton CA (population about 300,000), on an inland port in the Central Valley, with a ship visible from the Interstate. Slightly south, I turned East to return to Silicon Valley and Palo Alto, where my hotel reservation was.
Stockton is going to experiment with universal basic income, an idea that has support from Mark Zuckerberg and Elon Musk. It will comprise $500 a month to residents. This is an amazing recovery from the 2012 Chapter 9 municipal bankruptcy, which could have affected even my retirement portfolio.
Rachel Crane has a detailed story and video on CNN here. This is an idea that Ezra Klein of Vox has often advocated.
Stockton had been the foreclosure capital of the world in 2008, with everyone upsidedown. But now the rich people (often tied to agriculture), at least, are quite prosperous, and seem to be doing well enough under Trump.
But low and middle income people aren’t able to save money, and have to use the sharing economy – like driving Uber – to make enough to live on.By Ikluft - Own work, CC BY-SA 3.0, Link