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John Stossel reports that “Universal Basic Income (UBI)” is trendy, but studies show that it makes people work and save less.
Stossel says Conrad Shaw, vice-president of the Income to Support All Foundation, believes UBI will help people start new businesses and invest in home improvements. But a study backed by Sam Altman, creator of ChatGPT, tested that theory out. They handed 1,000 people, $1,000 for three years.
Some of the recipients did make good financial decisions, but overall, the group ended up a little deeper in debt and had a lower net worth! But even after this study, UBI proponents still believe a UBI is a good idea. More with Stossel.
