Basic income translates to a GDP increase of $2.48 trillion

In recent months, everyone from Elon Musk to Sir Richard Branson has come out in favor of universal basic income (UBI), a system in which every person receives a regular payment simply for being alive. Now, a study carried out by the Roosevelt Institute has concluded that implementing a UBI in the U.S. could have a positive effect on the nation's economy.

The study looked at three separate proposals: a "basic income" of $1,000 per month given to every adult, a "base income" of $500 per month given to every adult, and a "child allowance" of $250 per month for every child. The researchers concluded that the larger the sum, the more significant the positive economic impact.

They projected that the $1,000 basic income would grow the economy by 12.56 percent over the course of eight years, after which point its effect would diminish. That would translate to an increase in the country's gross domestic product of $2.48 trillion.

For the purposes of their study, the researchers assumed that the UBI in the U.S. would be funded by increasing the federal deficit. They also investigated the potential effect of funding it by increasing taxation on households, but found that route to be less effective.