Stockton’s Basic-Income Experiment Pays Off
A new study of the city’s program that sent cash to struggling individuals finds dramatic changes.
March 3, 2021
Two years ago, the city of Stockton, California, did something remarkable: It brought back welfare.
Using donated funds, the industrial city on the edge of the Bay Area tech economy launched a small demonstration program, sending payments of $500 a month to 125 randomly selected individuals living in neighborhoods with average incomes lower than the city median of $46,000 a year. The recipients were allowed to spend the money however they saw fit, and they were not obligated to complete any drug tests, interviews, means or asset tests, or work requirements. They just got the money, no strings attached.
Takeout and delivery orders have offered many restaurants a financial lifeline during the coronavirus lockdown. But some dining establishments are falling prey to a new kind of dine and dash in which customers dispute legitimate credit card charges related to an order, forcing the restaurant to foot the entire bill.
Exclusive: Credit card customers chasing points are having to spend nearly $53,000 just to get a $169 kettle. The big four banks are among those forcing customers to jump through hoops to reap any rewards and experts say it s often not worth the customer s time nor expense. New analysis from financial comparison website RateCity showed to get a Breville brushed stainless steel smart kettle from Westpac s rewards program the customer would have to spend around $1000 a week on their card over a 12-month period. The data showed on a Westpac Altitude Platinum card the customer would have to fork out $52,725 to redeem the kettle from the bank s rewards store. This card s annual fee is $150, while the kettle only retails for $169.
How this fintech startup overcame COVID-19 challenges to see over 100 percent growth in 2020
Bengaluru-based Slice, which provides digital payment and financial credit services, is focused on providing credit to Gen Z and young millennials.
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The COVID-19 pandemic exposed the stress of the financial services sector where institutions were wary of providing credit, while consumers sought a moratorium on payments. But this was not the situation for Bengaluru-based fintech startup
Slice, whose business grew by 125 percent in 2020.
Founded in 2016 by
Rajan Bajaj, the startup provides digital payment and financial credit services focused on Generation Z and young millennials.