One and One-Half Cheers for a Basic-Income Guarantee

Although it falls well short of the libertarian ideal, would a basic-income guarantee far better than our current social welfare system—and cost much less? Replacing the existing array of subsidies, transfers, in-kind payments, and set-asides with a government-guaranteed basic income implemented through a negative income tax would save tax dollars, put more money in people’s hands, and increase the recipients’ liberty and autonomy.