Guaranteed income, sometimes called guaranteed basic income or basic income, is a cash payment provided on a regular basis to members of a community with no strings attached and no work requirements. It is intended to create an income floor below which no one can fall.
While Universal Basic Income UBI is a regular cash payment to all members of a community, guaranteed income could be targeted or universal, but focuses on specific individuals within a community, ensuring that those with the greatest need are prioritized for assistance. Targeting can be less costly and more efficient at reaching particular groups.
However, because targeted policies tend to engender more narrow constituencies, their political support tends to be more narrow and, thus, harder to achieve and sustain. On the other hand, universal programs, such as Social Security including SSI or universal education, are broad in scope and coverage, thereby increasing the number of people who have access to them compared to targeted programs.
Because of their universal eligibility, universal programs have had the greatest potential to engender and sustain broad political support. However, they often fail to address existing disparities between different groups of people.
Targeted universalism responds to the shortcomings of targeted policies that exclude many and universal policies that treat everyone equally powell et al. While the idea of guaranteed income has a long and varied history dating back to Roman Times, its modern, progressive origins in the U. COVID spotlighted the need to rethink policies providing income supports to help all people meet their basic needs, particularly low and moderate income households most vulnerable to economic shocks. However, beyond a means of achieving an array of stabilizing and beneficial outcomes, guaranteed income also serves as an important general protection against a wide-range of economic and noneconomic shocks.
