Sam Altman's $45M UBI Study in Texas and Illinois Shows Mixed Results with $1,000/Month Payments

Jul 22, 2024, 02:44 PM

OpenAI founder Sam Altman has funded a large-scale Universal Basic Income (UBI) study through OpenResearch, distributing $45 million to 3,000 low-income participants in Texas and Illinois over three years. Participants in the treatment group received $1,000 per month, while a control group received $50 per month. The Randomized Controlled Trial (RCT) included 1,000 participants in the treatment group and was conducted over three years. The study aimed to evaluate the impact of unconditional cash transfers on various aspects of recipients' lives, including health, employment, spending, and agency. The results showed that while the cash transfers helped meet basic needs, they did not significantly improve long-term physical or financial well-being. Additionally, the study found moderate labor supply effects, with some participants working less or stopping work altogether. The findings have sparked debate over the effectiveness of UBI and its potential implications for future welfare policies.