Sam Altman, the CEO of OpenAI, has taken significant steps in exploring the impact of universal basic income by funding the largest basic income study conducted in the United States to date. Through his nonprofit, OpenResearch, Altman collaborated with researchers to provide unconditional cash payments to individuals living below the poverty line for a duration of three years.
The study involved around 3,000 participants aged 21 to 40 from Texas and Illinois, each earning less than $30,000 annually. One group received $1,000 per month, while the control group received only $50.
Results from the study indicated that those who received the larger cash payments experienced greater flexibility in their job searches, allowing them to pursue positions that better aligned with their personal needs and aspirations. The authors of the study noted that increased cash flow helps individuals make more informed decisions regarding employment that suit their individual circumstances, goals, and values.
One participant shared their experience, expressing gratitude for the opportunity to be selective in their job hunt due to the financial support, stating, “I don’t have to take a crappy job just because I need income right now.” Another recipient emphasized how the cash transfers enabled them to eventually secure a six-figure salary by taking a lower-paid entry-level position in a desired field.
While the study reported no significant differences in overall employment levels between the recipients and the control group, it highlighted that the larger payments were mainly spent on essential needs such as food, housing, and transportation. Recipients also used the funds to address health-related expenses. Although the initial payments alleviated stress, many of the health benefits seemed to diminish over the two years.
Sam Altman has been a vocal advocate for universal basic income, particularly in light of how advancements in artificial intelligence are reshaping the job market and displacing certain roles.
This study underscores the potential benefits of providing financial stability to individuals during times of economic uncertainty, particularly in the context of a rapidly evolving job landscape driven by technology. It opens the door for further discussion on how such measures could positively impact society at large, creating a foundation for workers to thrive amidst the changes in the labor economy.
In conclusion, Altman’s initiative not only highlights the realistic possibilities of basic income but also inspires hope that a reimagining of economic support systems could lead to greater job satisfaction and well-being for many.