Hedge-fund manager Bob Jain puts universal basic income to the test
As the idea of giving every American a monthly check migrates from the political fringes toward the center of policy debates, one hedge-fund executive is contributing research on whether, and how, such a scheme might actually work.
Michael Stynes, chief executive of the Manhattan-based JFI, sees greater adoption of robots exacerbating an already-widening wealth gap. He notes that 40 million Americans live in poverty, two-thirds of them children.While hedge-fund managers and other financiers support a plethora of philanthropies, such as the Robin Hood Foundation, Jain’s approach is arguably both more practical and more abstract.
Hedge-fund billionaire Ray Dalio has recently ramped up media appearances to declare the wealth gap a “national emergency,” arguing that it will end badly if not addressed properly.
JFI sits at the increasingly crowded nexus of billionaires and public policy. To reach resource-scarce legislators, private citizens have found it effective to provide them with expensive research and fully designed policy. Recent legislation on prison reform can be traced, in large part, to the efforts of industrialist Charles Koch and his associates, while Napster co-founder Sean Parker helped create Qualified Opportunity Zones, a program tucked into the tax bill in 2017.
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