Sam Altman's basic-income study is out. Here's what it found.
Diversity, Inclusion & Equity Economic Development FinanceSummary
CEO Sam Altman conducted a basic-income study which provided low-income participants with $1,000 per month for 3 years. This study was conducted with residents from Texas and Illinois living in urban, suburban, and rural areas. It was found that participants increased their spending by an average of $310 a month, but spent it towards basic needs like rent, transportation, and food. There was a reduction in stress, mental distress, and food insecurity in the first year, but did not continue in the second and third years. Other programs such as this have found that cash payments can alleviate homelessness, unemployment, and food insecurity. The extra money provided allowed participants to be more flexible and increase agency on employment decisions based on individual circumstances and goals.