An idea once considered fringe economics is increasingly becoming mainstream: universal basic income. Cook County, home to the city of Chicago, doubled down on the idea in its latest municipal budget. (1)
On November 20, the Cook County Board of Commissioners unanimously decided to extend its guaranteed income program for the 2026 fiscal year. The move unlocks a monthly cash flow for thousands of residents with no strings attached.
The county joins a long list of governments across the world that are trying to move the idea of a guaranteed income from academic debates to real-world programs. Here’s a closer look at how the program is funded and who benefits from the payouts.
Funding UBI in Cook County
Cook County’s guaranteed income program isn’t new. It dates back to 2022, when the county received $42 million in federal pandemic relief funds. Part of these funds were used to finance a two-year pilot project to supply monthly payments of $500 to nearly 3,250 households. (2)…