The Atlantic Provinces Economic Council says while a guaranteed basic income might have positive impacts, it cautions that implementing such a plan is more complex than it appears.
The number one call to action by the NL Health Accord is for the implementation of a guaranteed basic income, with the help of the federal government, to help address some of the social determinants of health.
Senior Economist at APEC, Lana Asaff, says basic income is a government transfer intended to cover everyone’s essential needs and establish a sense of financial security, but she warns it could be costly and may not address specific needs in the community.
She says the cost alone could mean that other programs might be cut, leaving some people without the supports they need.
The Parliamentary Budget Officer estimated a total cost of $88-billion if the program is implemented in 2022-23, amounting to about 21 per cent of total budgeted federal program expenses. The concern is that it could lead to cutting programs on which many people rely.
