"With automation replacing so many blue-collar jobs, and pretty soon white-collar jobs, we may need to consider bigger changes. We should start talking about that now. Things like a shorter work week, or a universal basic income, or guaranteed income — ideas that can spread work around and supplement the incomes of people as they shift to the much-needed work that I mentioned earlier. Work that can't be automated, that a program alone can't do — things like child care, education, health care, and elder care.<p>Some of these ideas are being tested as we speak. Right here in Chicago, there's a pilot program called 'Chicago Promise' that's been giving thousands of low to moderate income families $500 in cash every month to help them meet basic needs. And it's modeled after a similar program in Stockton, California, and it's showing early promise.<p>Because the thesis is, you improve financial stability, you improve the well-being of low-income families. They actually can fix a busted car, they don't have electricity turned off, their lives are more stable. It doesn't discourage them from working full-time, it in fact makes it easier for them to go out and find a job and work full-time.<p>More broadly, one of the bright spots coming out of the pandemic has been evidence that the generous benefits people received during the lockdowns, which is unusual for the United States, may be one of the reasons why the US economy has actually seen an unprecedented increase in new business formation over the past couple years. Because people had a little bit of a cushion to go out and take a risk and try that new idea.<p>And that's the thing about giving people a safety net and helping them achieve their basic needs. Not only does it relieve hardship, not only does it strengthen our democracy, it can also empower people to be more productive and raise their ambitions, and set an example for their children. And that benefits all of us, and that benefits the economy, and that benefits business."<p>Transcript thanks to <a href="https://youtubetranscript.com/?v=Ul1Ye2XXMfM" rel="nofollow noreferrer">https://youtubetranscript.com/?v=Ul1Ye2XXMfM</a> and GPT-4.