It has been just revealed that the US government is handing out almost $2 million as a US basic income pilot. Check out the latest reports about this below.

US government hands out $1,800,000

An initiative in the United States has commenced to explore the effectiveness of government-funded cash giveaways in assisting citizens.

The Denver Basic Income Project has allocated $1.8 million to provide financial support to those experiencing financial difficulties.

The program will benefit over 800 individuals in three distinct groups. The first group will receive $1,000 for a year, while the second group will receive an initial sum of $6,500, followed by an additional $500 per month for the next 11 months. The final group will receive $50 per year, with no further payments.

The Denver Basic Income Project (DBIP), funded and approved by the Denver City Council, aims to assess the effectiveness of cash programs with no conditions for homeless individuals.

A recent update reveals that several initial participants have reported feeling a sense of relief from their burdens.

“Almost all participants noted feelings of relief, decreased stress, and increased hopefulness when asked about the impact of DBIP on their daily lives,” according to the notes.

The same notes revealed the following:

“A Group C participant explained the impact of the cash transfer on their daily life by saying, ‘I’m not as stressed, because I know I’m going to get that monthly deposit, so I know I have something to look forward to if I’m in need.’”

Banking crisis in the US

A document from the FDIC was recently made public, revealing that the government guaranteed deposits made by the top ten clients of Silicon Valley Bank (SVB) after its failure in March.

This information was accidentally disclosed in response to a Freedom of Information Act request from Bloomberg.

The document revealed the names of the companies that received bailouts and the amount of their deposits, which exceeded the $250,000 FDIC protection limit per account.

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