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Here's What Happens When You Give People Free Money (They Get Poorer)
Jul 25, 2024
Researchers from OpenResearch released results of a study on giving unrestricted cash grants to impoverished Americans, sparking debate over welfare. The study found that while recipients used the money for necessities, it did not significantly improve their financial stability. Recipients also utilized the extra income for helping others, healthcare, starting businesses, and personal well-being, but did not improve long-term financial situations due to reduced work hours and increased debt.
05:34
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Quick takeaways
- Cash transfers for lower-income individuals did not substantially improve long-term financial stability.
- Recipients of free money showed changes in behavior like increased leisure spending and business support.
Deep dives
Unconditional Cash Transfers and Financial Impact
Providing unconditional $1,000 monthly transfers to lower-income individuals showed mixed results in improving their financial well-being. While the recipients allocated the money towards essential needs like food and housing, the overall impact on long-term financial stability was limited. Despite an increased spending on items like healthcare and assistance to others, the cash transfers did not significantly address concerns about income inequality and job displacement by automation.
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