Apr 15, 2019

2020 hopeful Yang: $1,000 a month dividends would boost the economy

Photo: Don Emmert/AFP/Getty Images

Democratic presidential hopeful Andrew Yang told a CNN town hall that giving every American adult a $1,000 per month "freedom dividend" would help stimulate the economy.

What he's saying: "This would create 2 million new jobs in our economy," he said, in response to a question on artificial intelligence contributing to job losses. "It would make children and families stronger and healthier and help tens of millions of Americans transition through what is the greatest economic and technological transformation in our country’s history."

Why it matters: In a Roosevelt Institute report, it estimates a proposal such as Yang's could expand the U.S. economy by 12.6% to 13.2%. Other countries have explored versions of universal basic income like Yang's idea, including Canada, India and Finland, to mixed results. Stockton, California, became the first place in the U.S. to experiment with the funding mechanism, after it began an 18-month guaranteed income trial in February.

The other side: Critics have questioned the funding of such a program. Marshall Steinbaum, an author of the Roosevelt Institute report, told CBS MoneyWatch in February thata if the basic income were paid with value added tax, "you undo all of those gains because you're causing poor people to pay for this, which undermines the argument for why we need a UBI to begin with." He believes taking on government debt would be a better way to fund the scheme.

Andrew Yang: Everything you need to know about the 2020 candidate

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Pandemic and protests can't stop the stock market

Traders work on the floor of the NYSE. Photo: Spencer Platt/Getty Images.

United States equities were on pace to open higher Monday following big gains in Asia and Europe and a risk-on bid in currency markets.

Why it matters: Stock markets could continue to rise despite an unprecedented global pandemic, violent protests over police violence in the U.S. not seen since the 1960s, and spiking tensions between the world's two largest economies.

1 hour ago - Sports

The sports world speaks up about death of George Floyd

Celtics guard Jaylen Brown. Screenshot: Jaylen Brown/Instagram

There was a time when a months-long sports absence would have silenced athletes, leaving them without a platform to reach fans or make their voices heard.

Why it matters: But now that athletes boast massive social media followings and no longer need live game broadcasts or media outlets to reach millions, they're speaking out en masse amid protests over the death of George Floyd and other police-related killings of black people — delivering messages of frustration and unity, despite their leagues not currently operating.

The technology of witnessing brutality

Charging Alabama state troopers pass by fallen demonstrators in Selma on March 7, 1965. Photo: Bettmann/Getty Images

The ways Americans capture and share records of racist violence and police misconduct keep changing, but the pain of the underlying injustices they chronicle remains a stubborn constant.

Driving the news: After George Floyd's death at the hands of Minneapolis police sparked wide protests, Minnesota Gov. Tim Walz said, “Thank God a young person had a camera to video it."