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(Last Updated On: March 17, 2020)

In addition to the temporary universal basic income (UBI) proposed by several prominent outlets. Let’s also immediately give all Americans a $3,000 investment account they can’t cash out until age 70 (those older than 70 can have the money now). This will give all Americans a stake in this country’s businesses, put money into these businesses and stability in the markets, and encourage us all to keep an eye on the future.

Calls for a fiscal stimulus that grants all US adults $1,000/mo and children $500/mo, until the COVID-19 pandemic has stabilized:

Treasury Secretary Steve Mnuchin: "We are looking at sending checks to Americans immediately" pic.twitter.com/plNwuxht3U — QuickTake by Bloomberg (@QuickTake) March 17, 2020

Has anyone seen an idea they proposed move from radical to mainstream as quickly as @AndrewYang and UBI?



The #Coronavirus outbreak has shown how ill-equipped our current economic model is to absorbing major disease events. UBI would be a huge improvement. — Max Burns (@themaxburns) March 14, 2020

The need for social distancing from restaurants only underscores the need for relief for tipped workers, freelancers, shift workers, etc.



Tax credits & unemployment insurance does not help many of these workers – that’s a huge segment of our economy.



We need emergency UBI, now. — Alexandria Ocasio-Cortez (@AOC) March 14, 2020

Every American adult should immediately receive a one-time check for $1,000 to help ensure families and workers can meet their short-term obligations and increase spending in the economy. — Senator Mitt Romney (@SenatorRomney) March 16, 2020

Universal Basic Income (UBI) advocates like myself are saying, “it’s about time.”

This is not a fiscal problem this is a demand problem as the economy will slow to a crawl with the coronavirus. The question is how do you support baseline demand and give families the ability to weather this period? The only answer is to put cash into people’s hands quickly. — Andrew Yang🧢 (@AndrewYang) March 14, 2020

14 countries have so far used some form of #castransfer and #basicincome program as #coronavirus response.



Here is what we know:



1. #Australia: one-time cash payment $750 to seniors, veterans and low-income people — Ugo Gentilini (@Ugentilini) March 15, 2020

In Australia, 6 million Australians will get an immediate $750 in #coronavirus stimulus checks. Nation after nation is doing the right thing by getting cash immediately into the hands of their citizens. We need to do the same. Call your reps! #UBIStimulushttps://t.co/pwcoSuWCFo pic.twitter.com/gwvXyLcoEK — Scott Santens🧢 (@scottsantens) March 12, 2020

The beauty of cash transfers like these is their inclusiveness, simplicity, and dynamism. Millions of Americans will struggle to pay big ticket bills like mortgage, rent, student loan payments, or car payments in the coming months. Maybe they need extra money for food and Netflix.

Entrepreneurs and independent contractors will not fall under traditional financial assistant programs like unemployment. Think Mom & Pop Airbnb proprietors who invested all of their savings into three units that now have all bookings cancelled, Lyft drivers with fewer rides, other contractors, and the millions of people running small businesses. UBI helps all of these people, whereas other programs for assistance may be complex to qualify for, and fall short.

Let’s do UBI, And We Can Do More

UBI is a brilliant safety net and will be a new economic floor for Americans, and we can do more. What if an additional supplemental form of UBI was married to our markets? I propose we give all Americans $3,000 as a birthright. There’s a catch though, that money cannot be accessed until a person turns 70 years old, in the meantime, it must remain in the US’s financial markets.

I’d like to call this investment account the Corliss Federal IRA – I mean I came up with it, so…

There’s magic in that $3,000. It would be mandated that for all people under the age of 18, the $3,000 is held as index funds for the US’s major financial markets, NASDAQ, the DOW, and the S&P 500. There are 72 million people under 18 in the US. This would be an immediate market investment of $216 billion! Talk about a stimulus!

From 18 to 70 people would gain control of their funds for all but the ability to cash it out. They’d have the ability to move the money into the investments they want similar to what people can do now with a Roth IRA, traditional IRA, and 401ks.

At 70, people can cash out, or let their investment ride. At a modest 5% return, from birth to 70, the $3,000 will grow the $91,000. If a person could hold off until 80, they’d have $148,000.

It’s not just the money though. Helping all Americans participate in our financial markets will make us a more inclusive society. It will disrupt us versus them mindsets because everyone will have a piece of Wall Street to their name. It will help people think long term.

Cash now in the form of UBI is critical for millions to get through the hardship caused by COVID-19. Giving all Americans an investment account will help Americans look ahead to an even brighter future that awaits us, and help markets rebound (and then some).

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