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The Biggest UBI Experiment in History Failed: The Cover Up
In this episode, hosts engage in a detailed discussion about a Universal Basic Income (UBI) study, exploring its outcomes and societal implications. The study, funded by Sam Altman of OpenAI, provided $1,000 monthly to participants over three years. Contrary to expectations, the recipients had $3,000 less wealth than those not receiving the funds, indicating potential negative impacts of UBI on financial security. They delve into how this aligns with human nature, the role of financial literacy, and broader implications for economic policies and future societal structures amidst AI advancements. The video also critiques media representation of the study and questions the reliability of objective reporting. The hosts connect UBI's potential impacts to larger themes of work, leisure, and purpose in an AI-dominated future.
Speaker 18: [00:00:00] Well, here we are again. Yeah. You remember our learning machine over there?
Speaker 19: What's it going to teach us today, Mr. Money?
Speaker 18: I'll turn it on and you'll see.
Malcolm Collins: when they gave people a 1000 dollars a month over the course of 3 years, 36, 000 dollars in all.
On average, recipients of this money had 3, 000 less total wealth than recipients who didn't get this money.
And I need to point out here. They didn't even increase the time they spent with their kids. Like to me, like, that's the, like the cruel twist of the blade of how fundamentally selfish the average human is,
Speaker 22: Yeah.
Speaker 23: I don't like
Speaker 22: people.
Speaker 23: Oh, well, now that's not fair, Roy. Have you met all of them?
Speaker 22: I've met enough of them. People. What a bunch of b******s.
Malcolm Collins: people are like,
I can't [00:01:00] afford to spend time with my kids. And we have proof now that even if you had more money, you wouldn't spend more time with your kids when people are like, if I had more money or if I had inherited money or blah, blah, blah, like I would be living a different life, like that's functionally untrue.
You would actually maybe be living a materially worse life and now means if reparations were to be paid as a form of UBI to the black community, it would permanently monetarily sabotage the community.
Speaker 26: If you're just joining us, black people got their reparations checks today, and in short, all hell is broken loose. So how did you become the world's wealthiest man, Tron? Hot hand in a dice game, baby girl. welL,
Speaker 27: I think what everyone wants to know now is what are you going to do with all this money?
Speaker 28: I'm going to reinvest my money into the community.
Speaker 27: Oh, that's a very nice gesture. What were you saying? Hi! Okay.
Is that your son?
Speaker 28: No, no, I just bought this baby Cash.
Malcolm Collins: Now, here's where it gets dystopian. At the top of the [00:02:00] page it's just one line for the results of the study.
Cache increases possibilities
Speaker: for I knew that even though some of you supported us, some others were looking at me and thinking, You're a liar!
You're a liar! You know something that you're not telling us, you slimy scumbag liar! You know, that's what people would say to me.
Would you like to know more?
Malcolm Collins: Hello, Simone! I am excited to be here with you today. Today we are going to be discussing something that changes my view on economics. The media. And what might be the most optimal economic system?
This is a large experiment that was run by Sam Altman of OpenAI to see if UBI would work. UBI means Un
Published on 1 year, 2 months ago