The trial of the guaranteed income plan in Denver, USA, has been a success. It has effectively helped to alleviate poverty among the people.
The Basic Income Project in Denver, Colorado, has been extended due to its success. Participants receive monthly payments without any strings attached.
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The Denver Basic Income Project to be extended
In November 2022, Mark Donovan launched the Denver Basic Income Project. The project provides monthly payments of $1,000 to individuals at high risk for poverty and homelessness. We wrote about this project in October 2023, when the initial results showed great promise.
"Many participants reported that they have used the money to pay off debt, repair their car, secure housing, and enrol in a course," Donovan told Business Insider. "These are all paths that could eventually lead participants out of poverty and allow them to be less dependent on social support programs."
Basic income available not only in Denver
The project, which offers monthly payments to 800 of the lowest-income households in the city, will be extended for an additional six months starting in February 2024. It is sponsored jointly by the City of Denver and charitable institutions.
Denver is not the only city in the US testing basic income. Similar projects are also underway in Austin, Houston, and Baltimore. They all have shown comparable outcomes: providing cash to the poorest individuals allows them to recover successfully from financial crises.
Source: Business Insider