Thursday, July 19, 2018

Broke Chicago Considering "Testing" Guaranteed Basic Income Program

Chicago could be the largest city in the U.S. to pilot a universal basic income program if the city council gets its way, reports Breitbart.

Chicago Alderman Ameya Pawar introduced legislation that would set aside city government funds to give 1,000 families a guaranteed $500 monthly stipend with no restrictions or conditions for receiving the money, the Intercept reports.

According to Truth in's complicated but Chicago's financial situation is a mess:
The city’s overall reported financial condition continued to deteriorate, even after especially bad years reported for 2015 and 2016. The city’s reported expenses exceeded fees, grants, and general revenues (taxes), by nearly $1 billion, in line with results in 2012-2014. That loss (in the income statement, called the “Statement of Activities”) was consistent with a continued decline in the net position on the balance sheet (the “Statement of Net Position”).
What a great time to hand out money to residents.