If you’re a Los Angeles or Chicago resident, here’s how you can get guaranteed income based on a program currently being developed in the two states.
Los Angeles will provide 3,200 low-income residents with $1,000 per month for one year while Chicago will provide 5,000 residents with $500 a month for the same period of time.
In July, Los Angeles County supervisors approved a three-year pilot program for residents ages 18 to 24, and California is also looking into the potential of launching a statewide initiative.
Beneficiaries will be picked at random in Los Angeles, while Chicago is still working on details for its program. Both are set to launch next year.
These programs will follow the success of an income experiment in Stockton, which provided guaranteed income for multiple residents.
Read more: IRS Announces Increase in 401(K) and Ira Income Limit
In 2019, former Stockton Mayor Michael D. Tubbs’ Stockton Economic Empowerment Demonstration (SEED), the first universal basic income experiment in the United States.
The program was simple, 125 Stockton residents who made below the city median income would receive $500 a month for 24 months with no strings attached.
The program was funded from private donations, and it cost $3 million. At the end of the experiment, the city leaders compared these receptionists to the rest of the population in Stockton, and the outcome was very clear.
Read more: Low Income Families Set to Receive $1,800 Payment. Register Now to Avail Benefits
The experiment proved that universal basic income decreased income instability, encouraged recipients to find full-time jobs and improved participants’ mental and overall well-being.
At least 40 other U.S. cities have considered or implemented similar experiments, including Pittsburgh; Denver; Minneapolis; Newark, New Jersey; San Francisco; New Orleans; and Compton.
Stay updated for more news here at the East County Gazette.
