leonkuravson (leonkuravson) wrote,

US not rich enough to give away money for free - Bill Gates

Microsoft co-founder and philanthropist Bill Gates said it’s too early to dish out money to needy people, though the billionaire accepts the idea of universal basic income (UBI).

“Over time countries will be rich enough to do this. However we still have a lot of work that should be done - helping older people, helping kids with special needs, having more adults helping in education,” he said, responding to users’ questions during an Ask Me Anything session on Reddit.

UBI is an idea to provide people with a regular allowance regardless of their income or assets. The system can reportedly close gaps in equality, with an individual’s basic needs covered with free cash, funded by massive taxes at the top.

“Even the US isn't rich enough to allow people not to work. Some day we will be, but until then things like the Earned Income Tax Credit will help increase the demand for labor,” the billionaire stressed.


Tags: microsoft co-founder
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