The guaranteed income program in Boston has financially helped families for two years.
Boston is also planning to implement a basic income program but many fear that it would be too expensive. (Photo: WBUR)
Boston’s Guaranteed Income Program
A Boston guaranteed income program provided almost $600 per month for two years to 50 families. And through the guaranteed income program, some were able to buy their first home.
In August 2021, Camp Harbor View and UpTogether launched the guaranteed income program called Direct Cash Program, distributing monthly payments of $583 to families with incomes under $70,500 per adult household member. Participants of the guaranteed income program used the funds to pay off debt, reduce work hours, save for college, and receive tutoring.
The guaranteed income program, funded by 107 donors, included optional workshops on taxes and investing. Pilot programs across the US have shown that providing a steady income to low-income communities, such as what the guaranteed income program does, improves well-being and opportunity.
According to a published article by SmartNews, Boston officials are considering adopting a guaranteed basic income program aside from the guaranteed income program, while some argue it would be too expensive.
The CHV report found that participating families in the guaranteed income program were more likely to meet their needs and experienced a decline in psychological distress. They also reported more financial security and satisfaction with their lives.
Rate Cuts This 2024
In a published article by Business Insider India, Deutsche Bank’s George Saravelos believes that markets may be disappointed with the rate-cutting cycle as interest rates are not predicted to fall as aggressively as expected.
Futures markets anticipated five to six rate cuts this year, but the actual cuts may not reach that level. Saravelos mentions that the Fed might face a situation similar to 1995 when rate cuts were below expectations.
READ ALSO: City Of Flint Has Recently Implemented A Program Designed To Financially Help Pregnant Women
