LETTER: The costs of the ‘universal income’

Several news media outlets have reported that Mike Bloomberg’s campaign contacted Andrew Yang, who dropped out of the 2020 presidential race, about interest as vice president on the ticket. Mr. Yang’s signature policy is the “Freedom Dividend,” a universal basic income (or UBI) of $1,000 per month to every U.S. citizen over the age of 18.

The U.S. population is 330 million. Seventy-six million are under the age of 18, so 254 million are eligible for the UBI. Multiplying by $12,000 per year equals $3.1 trillion in new government revenue every year to pay for the UBI without increasing the national debt. Taxpayers can see their federal income taxes increase at least $12,000 per year, or more, if they meet income tax requirements.

That’s called socialism: From each according to ability, to each according to need. Vote on Nov. 3.