California City To Pay Monthly $500 Allowance To Its Residents

Stockton is not exactly the first place that comes to mind when considering an ideal place to live in California. After all, it was once touted “the most miserable city in the U.S.” by Forbes back in 2011. The city was previously on the verge of bankruptcy and people were unsure whether living in Stockton would be a good idea.

Interestingly, it looks like the California city has bounced back since those dark days. Stockton will reportedly take part in a major test for Universal Basic Income (UBI). In line with this, the city will pay 100 of its residents a monthly stipend of $500 in 2019.

Stockton is the first US city that will take part in the UBI program starting next year.

The concept of UBI is certainly an interesting idea since the program requires that all residents will be paid a regular sum by the government or another source. Most investors are unconvinced that UBI could work. However, the program is already being adopted by big names like Mark Zuckerberg, Richard Branson, and Elon Musk.

Haggin Museum is one of the sights to see in Stockton that could flourish underthe UBI program.

So will UBI work for Stockton? Facebook co-founder Chris Hughes is ready to support the project through his organization the Economic Security Project.

Hughes has previously spoken up about UBI and how it could help the economy in the California city. He said:

“It is such a fundamental idea behind America that if you work hard, you can get ahead — and you certainly don’t live in poverty. But that isn’t true today, and it hasn’t been true in the country for decades,” said Hughes. “I believe that unless we make significant changes today, the income inequality in our country will continue to grow and call into question the very nature of our social contract.”

The chosen residents will receive $500 every month for 18 months during the program.

It is still unclear if the program will work yet residents are hopeful about being a part of the project. Hopefully, Stockton will prove that UBI is effective and ready to be adopted by other cities.