Jack Dorsey’s fortune is estimated at $ 7.3 billion by Forbes magazine. (File)
San Francisco:
Twitter chief executive Jack Dorsey said he would give $ 3 million to a group of US mayors to experiment with creating a universal basic income.
The proceeds will go to the Mayors for Guaranteed Income (MGI) group, a coalition of leaders from 16 cities who are in favor of universal basic income – regular payments to residents generally intended to alleviate poverty and meet basic needs of citizens.
“It is a tool to bridge the wealth and income gap, level out systemic race and gender inequality, and create economic security for families,” tweeted Dorsey, whose fortune is estimated at 7, $ 3 billion from Forbes magazine.
MGI replied that “the whole network appreciates this support so much. Together, we can make the American economy work for everyone.”
The group includes mayors from a geographically diverse range of American cities such as Atlanta, Seattle and Los Angeles.
Dorsey already announced in April that he would spend $ 1 billion of his personal fortune on coronavirus relief through his philanthropic fund.
Once the pandemic is over, he said, the fund will focus on girls’ health and education and “universal basic income” efforts.
Universal basic income, a controversial subject in American politics, has been criticized by many as too expensive or too “socialist”.
However, former Democratic presidential candidate Andrew Yang argued in favor of the election campaign, offering to provide every American 18 and over $ 1,000 a month.
Since Yang left the race, the virus crisis has created a spike in unemployment, with 18 million people unemployed during the week ended June 27.
The United States could face a second wave of layoffs as more states see more cases, and once extended unemployment benefits expire.
(With the exception of the title, this story was not edited by GalacticGaming staff and is published from a syndicated feed.)
