Jack Dorsey, the billionaire cofounder of Twitter, said on Thursday that he would donate $3 million to Mayors for a Guaranteed Income—a group of more than a dozen US mayors who plan to launch guaranteed-income pilot programs in their cities.
The group has said the programs could affect about 7 million Americans in cities like Newark, Los Angeles, Atlanta, and Jackson, Mississippi. They also explain that giving people guaranteed income can help get them out of poverty and cope with financial instability caused by the COVID-19 pandemic.
Supporters of a guaranteed income plan suggest that this could be the best way to close the gap between the very wealthiest and poorest Americans, which has only gotten wider since the coronavirus crisis hit. The group has not yet specified who would be eligible and how much they would get.
Former Democratic presidential candidate Andrew Yang also spoke of implementing experiments with guaranteed income. In May, he said he would give $500 to 20 New Yorkers every month for the next five years through his nonprofit to test the policy’s efficacy.
Dorsey, who has built up a net worth of $7.5 billion, also pledged $1 billion in April to coronavirus relief efforts.