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Chicago is the latest US city to consider a guaranteed income for the poor

(Bloomberg)-Chicago considers providing guaranteed income to poor residents with the aim of leveling the economic recovery of those who have been disproportionately hit by the closure of Covid-19. City. City councilman Gilbert Vigegas proposed a pilot program Wednesday, which will provide 5,000 low-income earners $ 500 per month for one year. The money issued by debit cards will serve as a form of “disaster relief” spent in the local economy for rent, food, clothing and other necessities, Billgas said. If approved, the city will pay for the program for $ 30 million out of the US Rescue Planning Fund’s $ 1.9 billion. “Let’s see this new money and actually invest in the community,” Billgas said in an interview Tuesday. Ordinance: Chicago, the third largest city in the United States with about 2.7 million residents, has low incomes. Joining coastal to coastal cities to consider paying guaranteed income as a tool to assist residents and people in the black and brown communities who are enduring the most severe impacts of Covid- 19. Los Angeles Mayor Eric Garcetti has proposed a $ 24 million program for next year’s budget to 2,000 low-income households in the second largest city in the United States. The Chicago program is aimed at applicants who earn less than 300% of federal poverty levels and can prove that Covid-19 has lost work or time, lacked childcare, or faced other financial adversities. is. From the first half of a two-year program in Stockton, California, a survey that provided 125 families with $ 500 per month found recipients to work full-time. According to the mayor’s announcement regarding the guaranteed income, more than twice as many as non-receivers. According to the Mayor’s Group, Stockton became the largest city in the United States when it filed for bankruptcy in a municipality after accumulating unsustainable bond and pension debt in 2012. Birgas said there was potential in Chicago’s one-year pilot program. Funded with federal assistance, it may continue in the future through a combination of philanthropy and city income. The proposal has been referred to the city council’s rules committee, adding uncertainty to its trajectory. Mr. Birgas said he would continue to promote it with other council members and community groups. Read more: Andrew Yang’s basic income plan will cost $ 1 billion a year Mayor Lori Wrightfoot said at a press conference after the council meeting that he had no chance. To study, but “this is what I think many people are interested in.” “Basically what we have to do is that people have access to high-paying jobs, they Being able to maintain herself, and their family, “she said in response to a reporter’s question about the ordinance. “I’m happy to see the proposal, but I haven’t had a chance to see it yet.” The Wrightfoot administration still seeks community opinion and how to use the funds of the American rescue program to maximize profits. I’m trying to decide what I can do. The city’s residents said. The plan may not be ready for the next meeting of the city council in May, according to Wrightfoot. Canceling another $ 500 million worth of restructuring and refinancing plans to fill the 2021 deficit. Mr. Birgas said priority should be given to addressing the plight of residents who have lost working hours or jobs and are facing evictions. The unemployment rate in Chicago is currently around 7.7%. He said federal funding should flow not only to Wall Street but also to Main Street. “It will flow into our community,” Birgas said. “This is my attempt at what I feel is a necessary recovery plan.” (The mayor for guaranteed income is Michael Bloomberg, the founder and majority owner of Bloomberg News’ parent company. Received a donation from Bloomberg Philanthropy, a charitable division of the company.) Related: Estimating the trajectory of rebound revenues in the “early stage” of Chicago (adding comments from the mayor starting in the ninth paragraph) Articles like this For more information, please visit bloomberg.com. Subscribe now to get the most trusted business news sources. © 2021 Bloomberg LP