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Artists in New York can now get paid $1,000 a calendar month to create — no strings attached. The Empire State is rolling out a $125 million plan called Creatives Rebuild New York, which is intended to give artists more freedom to focus on their piece of work without the burden of fiscal uncertainty.

To be eligible for the money, artists must be able to demonstrate financial need. Ultimately, 2,400 people will be accepted into the plan and receive the stipend. Another 300 artists will receive jobs with community organizations that pay $65,000 per year.

The program bills itself as an investment in stability.

"Artists demand and deserve to exist paid predictable and regular incomes," the website reads.

The initiative is nevertheless another experiment in guaranteed income, a cousin of universal basic income (aka UBI). Both policies have been around for decades, only they're gaining mainstream popularity once again thanks to the coronavirus pandemic, which has exacerbated financial difficulties for millions of Americans, equally well as support from outspoken political candidates like Andrew Yang.

The idea is simple: Give people cash, without any restrictions or rules. The difference between UBI and guaranteed income is that the former generally distributes greenbacks to broad swaths of people, while the latter tends to exist targeted at specific groups, similar artists or low-income folks.

Proponents of the policies say they tin can assistance reduce poverty and narrow the wealth gap by providing a financial cushion to help with basic needs and unexpected expenses. That reduces stress and makes it easier to stay out of debt, among lots of other benefits. Opponents say the policies are expensive, accept the potential to undermine other social assistance programs and will discourage people from participating in the labor market.

Other states and cities have undertaken similar initiatives.

San Francisco and St. Paul, Minnesota, also take guaranteed income programs for artists, while Columbia, South Carolina, is piloting a programme that will requite $500 a month to fathers for two years. Durham, Due north Carolina, has a guaranteed income program aimed at formerly incarcerated people.

In 2018, the city of Stockton, California, tested a program that paid $500 per month to some of the city's lowest-income residents, which studies showed ultimately improved participants' job prospects and health. A like plan is underway in Newark, New Bailiwick of jersey.

Of grade, the federal government has recently employed the guaranteed income concept on a much larger scale through its COVID-nineteen stimulus checks and advance monthly payments of the expanded child tax credit.

A Dec analysis by Bloomberg CityLab found that at least 20 guaranteed income programs accept started nationwide since 2018. The same written report estimates that monthly payments of upwardly to $i,000 are now reaching more than than five,400 people and families.

The deadline to submit applications for New York'south new program is March 25. Participants will exist announced in June.