CA City To Test Universal Base Income —Free Money For Residents

STOCKTON, CA -- Can an effort to distribute free cash help residents from falling into poverty? Silicon Valley executives like Mark Zuckerberg and Elon Musk think so.

Stockton will test out that theory, KRON 4 reported.

"Soon, the former bankrupt city will become the first in the country to participate in a test of Universal Basic Income, also known as UBI," KRON 4 reported. "Stockton will give 100 residents $500 a month for 18 months, no strings attached."

The news station reported the city is home to 300,000 with a fourth living in poverty.

So who is funding the project?

"The Stockton project has its roots in Silicon Valley, too," KRON 4 reported. "Its financial backers include Facebook cofounder Chris Hughes' organization, the Economic Security Project — a fund to support research and cultural engagement around Universal Basic Income. It contributed $1 million to the Stockton initiative."

Read the full KRON 4 story here.

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