Yang: Universal basic income will free up the resources for Americans to 'work even harder'

Yang: Universal basic income will free up the resources for Americans to 'work even harder'
© Getty Images

Entrepreneur and Democratic presidential candidate Andrew YangAndrew YangCalifornia poll: Biden, Sanders lead Democratic field; Harris takes fifth The Hill's Morning Report - What is Trump's next move on Iran? Hillicon Valley: FCC approves Nexstar-Tribune merger | Top Democrat seeks answers on security of biometric data | 2020 Democrats take on Chinese IP theft | How Google, Facebook probes are testing century-old antitrust laws MORE touted his proposal to provide a universal basic income (UBI) on CBS’ “Face the Nation” Sunday, saying it would result in economic stimulus.

Asked by host Margaret Brennan whether the proposal, which would provide a monthly $1,000 to every American, would disincentivize work, Yang responded that “Americans will work even harder when they get the resources in place to get ahead.”

“The money will go right into local main street businesses, to car repairs, daycare expenses, Little League signups and that’s where the economic value needs to go in order to create jobs where people live and work,” Yang added, dubbing it “the trickle-up economy.”

ADVERTISEMENT

Asked for an example of where his plan to pay for the proposal with a value-added tax had been successfully implemented, Yang responded, “every other developed economy already has a mechanism just like this – Europe, Canada, Asia … this has already been figured out by every other developed economy.”

As for a specific example of a UBI system, Yang said “you don’t even need to look abroad,” referencing the “oil dividend” paid to residents of Alaska, which he said served as a major stimulus for the state economy and job market. A similar system on a national scale, he added, “will help rejuvenate American main street businesses and give us all a path forward.”