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The basic minimum income, also known as guaranteed minimum income, is where
the government provides unconditional sum of money to all adult citizens regardless of their
economic status in the society. The minimum income is essential in any economy as it helps
to improve the well-being of persons living in poverty. Real wages in the United States have
remained stagnant for far too long. The income disparity between the wealthy and poor has
broadened over the years as well. About 15 percent of Americans live below the poverty, and
the idea of basic income can help the poor Americans to live above the poverty line. The
concept of guaranteed minimum income would cater for the basic needs and decrease the
demand on various existing societal programs. More so, the poor persons would invest the
remaining portions in efforts to improving their incomes (Atkinson, A. B).
The guaranteed minimum income comes with some positive and negative results. One
positive outcome of basic income is that it ensures nobody lives below the poverty line.
People would have better leverage to seek for higher wages and improved working conditions
as result of enhanced income security. Additionally, the guaranteed basic pay would result in
efficiency gains due to the elimination of various government welfare plans which require a
lot of time in planning and operations. On the other hand, there are also negative results of
the guaranteed minimum income in the economy. The work incentives would decrease, and
this would be costly in any economy ballooning past viability. People would stop working
because they are sure they will get unconditional income. The economic growth would slow
