A RADICAL EXPERIMENT IN FINANCIAL VACCINATION
Bloomberg Businessweek|September 28, 2020
One of America’s most diverse cities was already testing guaranteed basic income when the pandemic struck
Susan Berfield and Sarah Holder
A RADICAL EXPERIMENT IN FINANCIAL VACCINATION

In the summer of 2017, Tomas Vargas Jr. had a wife and two young children at home in Stockton, Calif., and a teenage son he hadn’t seen in a decade. He had a $31,000-a-year position at UPS, side jobs repairing cars and carrying groceries, friends killed by gunfire, and night terrors. He was 33 years old. “In the morning, I would look dead in the mirror and tell myself, ‘I know you hate it. I know you don’t want to keep going. But what gives you the right to just be a piece of shit like that?’ And after I looked at myself deeply in my eyes, I’d sit there and tell myself, ‘Wash your face and get started and try.’ ”

One day that autumn, Vargas heard Michael Tubbs, the new mayor of Stockton, on television talking about giving away cash to his constituents, nearly a quarter of whom live below the poverty line. Vargas just laughed. Another year of work and dread followed. Then a postcard arrived in the mail, one of 4,200 sent to randomly selected residents of neighborhoods with a median annual income below the city’s figure of $46,000. It included a request to complete an online survey of 100 questions covering such things as stress levels and the use of check-cashing services. Vargas answered them all. In January 2019 he was informed that he was one of about 125 people randomly chosen to receive a guaranteed income of $500 a month for 18 months. He’d be part of the Stockton Economic Empowerment Demonstration.

Bu hikaye Bloomberg Businessweek dergisinin September 28, 2020 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

Bu hikaye Bloomberg Businessweek dergisinin September 28, 2020 sayısından alınmıştır.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

BLOOMBERG BUSINESSWEEK DERGISINDEN DAHA FAZLA HIKAYETümünü görüntüle
Instagram's Founders Say It's Time for a New Social App
Bloomberg Businessweek US

Instagram's Founders Say It's Time for a New Social App

The rise of AI and the fall of Twitter could create opportunities for upstarts

time-read
4 dak  |
March 13, 2023
Running in Circles
Bloomberg Businessweek US

Running in Circles

A subscription running shoe program aims to fight footwear waste

time-read
3 dak  |
March 20 - 27, 2023
What I Learned Working at a Hawaiien Mega-Resort
Bloomberg Businessweek US

What I Learned Working at a Hawaiien Mega-Resort

Nine wild secrets from the staff at Turtle Bay, who have to manage everyone from haughty honeymooners to go-go-dancing golfers.

time-read
10 dak  |
March 20 - 27, 2023
How Noma Will Blossom In Kyoto
Bloomberg Businessweek US

How Noma Will Blossom In Kyoto

The best restaurant in the world just began its second pop-up in Japan. Here's what's cooking

time-read
3 dak  |
March 20 - 27, 2023
The Last-Mover Problem
Bloomberg Businessweek US

The Last-Mover Problem

A startup called Sennder is trying to bring an extremely tech-resistant industry into the age of apps

time-read
10+ dak  |
March 20 - 27, 2023
Tick Tock, TikTok
Bloomberg Businessweek US

Tick Tock, TikTok

The US thinks the Chinese-owned social media app is a major national security risk. TikTok is running out of ways to avoid a ban

time-read
10+ dak  |
March 20 - 27, 2023
Cleaner Clothing Dye, Made From Bacteria
Bloomberg Businessweek US

Cleaner Clothing Dye, Made From Bacteria

A UK company produces colors with less water than conventional methods and no toxic chemicals

time-read
3 dak  |
March 20 - 27, 2023
Pumping Heat in Hamburg
Bloomberg Businessweek US

Pumping Heat in Hamburg

The German port city plans to store hot water underground and bring it up to heat homes in the winter

time-read
3 dak  |
March 20 - 27, 2023
Sustainability: Calamari's Climate Edge
Bloomberg Businessweek US

Sustainability: Calamari's Climate Edge

Squid's ability to flourish in warmer waters makes it fitting for a diet for the changing environment

time-read
4 dak  |
March 20 - 27, 2023
New Money, New Problems
Bloomberg Businessweek US

New Money, New Problems

In Naples, an influx of wealthy is displacing out-of-towners lower-income workers

time-read
4 dak  |
March 20 - 27, 2023