STEPAN ZEMTSOV: “RUSSIAN BUDGET WILL RUN SHORT OF MONEY TO PAY UNIVERSAL BASIC INCOME”

Stepan Zemtsov, Senior Researcher, the Innovation Economics Department of the Gaidar Institute, contemplates that Russian budget will run short of money to pay all people a minimum guaranteed income. This is reported by Komsomolskaya Pravda.
Dmitry Medvedev, Deputy Chairman of the Security Council of the Russian Federation, proposed to introduce a minimum guaranteed income for Russian citizens. The initiative assumes that any person will be paid a certain minimum amount, regardless of his/her type of activity and social status. Besides, this amount will be "inviolable", i.e. it cannot be reduced or defaulted.
Stepan Zemtsov, expert of the Gaidar Institute, believes: “There will be no sufficient funds to pay every resident of this country. In 2019, expenses of consolidated budget for social policy (pensions, unemployment benefits, social transfers, etc.) amounted to RUB 13 trillion. If they are replaced by universal basic income, it means another RUB 7500 monthly per every resident of this country. If we add the treasury expenses on education, health care and culture, then, it would be possible to pay RUB 12.000 a month, however, there will be no free education and healthcare.”