Guaranteed Basic Income: Transforming Social Security Into a Monthly Check Program

🔄Proposed changes to Social Security would transform it into a monthly check program, known as guaranteed basic income.

✂️Higher income beneficiaries would have their benefits reduced, while lower income beneficiaries would receive an increase.

💰Guaranteed basic income programs provide an ongoing monthly check to a specified group of people based on income levels.

📉The goal of the proposed changes is to bring more equity into the Social Security program.

⏳Implementing these changes would take a long time and involve gradual adjustments to benefits over a 20-year period.

How would the proposed changes affect higher income beneficiaries?

—Higher income beneficiaries would see a reduction in their Social Security benefits as part of the plan to bring more equity into the program.

What would happen to lower income beneficiaries?

—Lower income beneficiaries would receive an increase in their Social Security benefits, ensuring they have a higher monthly income.

What is the difference between Social Security and guaranteed basic income?

—While both provide ongoing monthly checks, guaranteed basic income programs have the same dollar amount for all beneficiaries, whereas Social Security benefits vary based on income.

How long would it take to implement these changes?

—Implementing the proposed changes would be a gradual process, taking about 20 years to adjust benefits for higher and lower income beneficiaries.

Is this proposal aimed at improving the solvency of Social Security?

—No, the proposed changes focus on bringing more equity into the Social Security program and do not directly address its solvency.

00:00In this video, we explore the proposed changes to Social Security that would turn it into a guaranteed basic income program.

03:32The proposed changes aim to reduce benefits for higher income beneficiaries and increase benefits for lower income beneficiaries.

05:54A guaranteed basic income program provides ongoing monthly checks to a specified group of people based on income levels.

07:43The goal of these changes is to bring more equity into the Social Security program by flattening out benefits over a 20-year period.

09:46Implementing these changes would take time and would not directly address the solvency of Social Security.