Universal Basic Income (UBI) is a type of program in which all people receive a regular sum of money unconditionally, regardless of employment or current wages. Proposed UBI programs vary across the world, allowing different UBI programs to align with both progressive and conservative goals. Several UBI pilot studies have been tried throughout the world, and the interpretations of results vary widely. UBI proponents must consider many questions about logistics, economics, and human behavior: How will UBI be funded? Who will receive the income, every person or every household? Will people stop working or will greater economic stability allow them to better contribute to society? Does UBI even make sense?
The financial deficits greatly outweigh the financial benefits when considering the immense public costs of UBI. Increased tax rates as well as an inappropriate allocation of funds away from public health and education toward UBI creates significant disadvantages and budget deficits directly affecting public life.
UBI requires a lot of public money to function. The funding for UBI programs has to come from somewhere, which may mean the cost of these programs is prohibitive.
Implementing UBI at a level where the guaranteed income would ensure sufficient quality of life for recipients would mean spending enormous amounts of public funds. This would create equally enormous budget deficits.
In order to pay for a UBI program, the government would have to source these funds by increasing taxes and/or reallocating funds from other large public programs. These programs could include health or education, where the expenditures are more important.
The cost of UBI to the public is simply too high.
The tax increases needed to support UBI are exaggerated and are feasible given current income distributions. UBI would also make many current public welfare programs unnecessary, freeing up that funding without any loss of essential services.
[P1] UBI requires a large amount of public funding.
[P2] This amount of funding can only be obtained through tax increases or reallocation of resources.
[P3] It would be financially irresponsible to increase taxes or reallocate resources sufficiently to fund UBI.
Rejecting the premises
The sheer amount of funding needed for UBI does not make it financially irresponsible; it is simply necessary to rebalance the budget correctly.