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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

Go deeper

Chuck Schumer is now majority leader as 3 new Democratic senators are sworn in

Sen. Chuck Schumer (D-N.Y.) is officially Senate majority leader after the inauguration of Vice President Kamala Harris and the swearing-in of new Sens. Alex Padilla (D-Calif.), Jon Ossoff (D-Ga.) and Raphael Warnock (D-Ga.).

Why it matters: With a 50-50 Senate, Schumer will control a narrow majority with Harris as the tie-breaking vote. Democratic control of the Senate is crucial to President Biden's agenda, from getting his coronavirus relief proposal passed to forgiving student debt.

56 mins ago - Technology

QAnon faces the music

Illustration: Eniola Odetunde/Axios

Supporters of former President Donald Trump who thought he was about to stop the inauguration, seize power and crush his enemies were left blinking in the sunlight Wednesday as President Biden took the oath of office.

Why it matters: It's an inflection point for anyone who realizes they've been strung along by QAnon and related strands of pro-Trump magical thinking. They could either retreat from conspiracy theories or tumble deeper down the rabbit hole.

Updated 1 hour ago - Politics & Policy

Inauguration Day dashboard

U.S. Capitol and stage are lit at sunrise ahead of the inauguration of Joe Biden. Photo: Patrick Semansky - Pool/Getty Images

President Biden has delivered his inaugural address at the Capitol, calling for an end to the politics as total war but warning that "we have far to go" to heal the country.

What's next: Biden has arrived at the White House and he will sign executive orders and other presidential actions.

You’ve caught up. Now what?

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