From Stagflation to Compensation: Did Economic Crisis Make a Case for Basic Income?

Author: Ty Riccobene

Field of Study: Social Sciences

Program Affiliation: Source Project Research Program

Faculty Mentors: Will Glovinsky

Easel: 26

Timeslot: Afternoon

Abstract: Researchers believe that economic booms and recessions appear to influence perceptions of guaranteed income. However, it is difficult to explain why any particular crisis leads to a fall or rise in public support for basic income. This paper explores various qualitative and quantitative sources before and after the stagflationary period of the 1970s and ’80s to investigate how economic circumstances affected public views on guaranteed income. This research examines demographic data on basic income support over several periods, firsthand accounts from special interest groups affected by these downturns, and political commentary on politicians proposing various forms of basic income like George McGovern and Richard Nixon. By incorporating this data, along with scholarly analyses and statistical evidence, this project aims to determine whether this period of a negative supply shock in the United States led the public to view basic income more favorably and what that can tell us about modern basic income implementations.