Madison, Milwaukee and Wausau are experimenting with something for 155 families over the next 12 months: guaranteed income. It’s probably not what you think, but it’s also not coming from where you suspect, either.
Here’s Five Fast Facts on Wisconsin’s Guaranteed Income Experiment:
- 🎚️On the Level - Anyone making less than $33,975/year, with at least one child under the age of 18 living in the household, is eligible to apply. A family of four would need an income of $55,500 or less a month to apply.
- 🎈No Strings Attached - Families can spend it on whatever they need, when they need it. The expectation is that they will spend it on necessities. The key word here is “expectation.”
- 📖All Set - The application window is now open through July 3 and can be completed here.
- 💸 Whose Pocket? - The money for Madison and Wausau is strictly coming from donations, including a share of $15M from Twitter CEO Jack Dorsey, along with money from CUNA Mutual Group and American Family Insurance. Admit it, you just sang that last part. Meanwhile, Milwaukee’s funding is coming from money from the city’s American American Rescue Plan Act (ARPA).
- 🛑Hold Up - This program has some predictably strong opposition in city and state legislatures, specifically because of the lack of work requirements.
🔥Bottom line: I know, I know: “must be nice.” Just continue to remind yourself this is an experiment that does not cost you a cent. It’s also not guaranteed to work or even go beyond the one-year trial. On the other hand, the no-strings-attached requirement makes just about any criticism of the program also very valid.
What do you think of the program? Let us know by connecting with us on Social Media and be sure to share this newsletter with any friends & coworkers!
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