Articles from the Boston Compass, Boston Compass

Will We Save Capitalism from Itself?

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The fight for a $15 minimum wage will not solve wealth inequality. It will not stop jobs from being exported or replaced by technology, nor will it help those who can’t find jobs. We need to fight for an unconditional basic income (UBI) so every adult has a safety-net– no matter their employment status or wealth.
UBI would eradicate poverty while also giving a boost to the middle class. Basic Income would cover the costs for modest housing, food and basic necessities. Although it sounds like utopian fantasy, it has been tested with promising results, which have inspired a grassroots movement.
Basic Income could give people the time to make art or an invention that improves society. Many would work to afford cars, electronics, homes and families, but they could also take risks and live without fear of poverty. UBI would force employers to create workplaces that people want to go to, and it would give workers immediate protection from abuse.
It’s becoming more accepted that the future will have less work to go around. Information technology has replaced more jobs than it has created over the past 40 years. As the owners of production use technology to replace human labor, they will eventually run out of people with the income to afford their products.
Will we save capitalism from itself? UBI is a better solution than a $15 minimum wage. The owners of production should pay for some of the jobs they’re displacing. But it’s a small price to pay for the wealthy to remain wealthy and for poverty to be eliminated.

by D. Dabek

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