1 English Reading & Writing Mid-term Assessment (15% of your final grade) Instructions: Read this article (https://bit.ly/3BBrvsn) then write a four paragraph (Introduction, Body 1, Body 2, Conclusion) essay about Universal Basic Income and its effects on young citizens and their country. Type your essay here and upload this file to Blackboard under the ‘Assignments’ tab. Essays will be marked based on the Writing Rubric. Use the article given as well as other evidence to support your writing. Write the final draft of your essay here: (Hint: Do not forget to write a title.) Advantages and feasibility of universal basic income Do you remember the Go match between Lee Se-dol and AlphaGo that caused a lot of buzz a few years ago? The result was a great victory for AlphaGo. People have been shocked by the development of AI, and many predict that AI will replace most jobs in the future. Elon Musk also said robots will be superior to humans in most jobs in the future, leading to massive layoffs. Elon Musk said the introduction of Universal Basic Income is essential. Universal Basic Income is the continuous payment of a certain amount of money to everyone regardless of income, assets, or age. The introduction of universal basic income can boost the economy and help many poor people. However, as much money is needed, and it is not easy to implement it for the entire people. As such, the introduction of universal basic income is difficult to realize, but it has a positive effect on citizens and their countries. First, universal basic income has a positive effect on the establishment of a digital economy ecosystem. Future jobs and economies are created from big data accumulated by people using platform services. The manufacturing industry saw a noticeable decline in the mid-2000s and collapsed, drastically reducing jobs and starting the platform industry. However, the Republic of Korea has not properly implemented the transition from a fallen manufacturing-based economic ecosystem to a digital-based ecosystem. This ecosystem transformation is inevitably led by the youth of the MZ generation. In other words, the growth and innovation of the Korean platform industry depend on the creative capabilities of young people. However, according to the employment index of young people (25-34) in OECD countries, Korea's employment rate for college graduates was only 75.2%. It ranks 31st, behind the U.K. (90.6 percent), Germany (88.4 percent), and Japan (87.8 percent). Due to this unemployment rate, young people feel the burden of getting a job and cannot focus on research activities. If the state pays a certain portion of the minimum cost of living for these teenagers, free time for young people will increase. Young people with some guaranteed livelihood and time will create more ideas and jobs that can revive the data economy. Secondly, the feasibility of universal basic income. The introduction of universal basic income can put the country's economy at risk. If 100,000 won is paid to the entire nation every month, about 62 trillion won is needed for a year. However, welfare funds consistently provided in Korea are about 50 trillion won. In other words, even if welfare resources are replaced with universal basic income, it is not enough. However, 100,000 won is an absurdly insufficient amount. If so, if 1 million won is paid to the entire nation every month, the total amount country need will be 620 trillion won. This is a burdensome amount well over the one-year budget. To cover the amount, high-income earners have no choice but to pay more taxes. In 2018, the income tax rate for high-income earners was raised from 40% to 42%, and from 2021, a separate taxation section for income earners 2 with an annual income of 1 billion won or more has been created, applying an income tax rate of 45%. If more taxes are collected here, the burden on high-income earners will increase several times, so there will be a backlash from many people. In summary, the introduction of universal basic income has many positive effects, but it is not easy to realize this immediately. In fact, many experiments have been conducted in several countries, including Finland, Spain, and the United States, to see if the introduction of universal basic income has a positive effect. However, they did not prove the positive aspect of the introduction of universal basic income because they did not produce clear results. It is said that a three-year universal basic income experiment will be conducted on 2 million people in Germany in 2023. I hope that the country's economy will develop further by proving the positive aspects and feasibility of universal basic income. Bibliography: The bibliography must be organised alphabetically. 1. Kim, K.H. (2022, Jan 06). Korea's Youth Jobs in 2022 https://news.mt.co.kr/mtview.php?no=2022010416221711921 2. Kim, T.I. (2022, Aug 01) Current Status and Challenges of Welfare Expenditure in Korea https://www.peoplepower21.org/welfarenow/1902722 3. Kim, S.H. (2022, Mar 08) Punitive taxes concentrated on high-income earners, wealthy people, and large companies should be corrected. https://www.hankyung.com/economy/article/2022030830611 4. Lee, J.B (2021, Aug 11) This is the common decision made by countries that have experimented with basic income. https://www.joongang.co.kr/article/24125961#home 5. Sheffey, A. (2021, Aug 21). Elon Musk says we need universal basic income because 'in the future, physical work will be a choice' https://www.businessinsider.com/elon-musk-universal-basic-income-physical-work-choice-2021-8