A new report finds that 38 percent of jobs in the United States are at high risk of being replaced by robots or artificial intelligence within the next 15 years.

Service jobs like finance, food, transportation and retail are a large part of the American labor market, and those are the jobs most at risk of being replaced. Financial service jobs face replacement in 61 percent of their positions.

Projections for rapid unemployment waives have many working people wondering what's next in the coming years. In response, policy makers in recent history and today have entertained the idea of a Universal Basic Income as a way to address the issues of a future economy.

What is a basic income?

Basic incomes exist today in many forms. Social security recipients and retired military personnel who receive checks from the government, are enjoying a form of a basic income. Economists are now proposing that this benefit be extended to everyone in the coming years, regardless of their participation in the labor market and their income. It would be issued to every citizen as a safety net to cover basic needs for them and their dependents.

How would a basic income help the economy?

With robots and artificial intelligence becoming the cheaper, safer and more productive option for companies to utilize, massive layoffs will take place in firms across the country. Because of this, massive amounts of people will find themselves still in need to pay bills for themselves and their families, but with no income to do so.

Enter the universal basic income. This would be a weekly/bi weekly/monthly check from the government to every household in America, that provides enough income for someone to provide food, housing, and other necessities for themselves and their dependents.

How much money would the basic income provide?

The debate is still very young, and there are many experts who have yet to weigh their opinion. But the general idea is as follows:

The basic income would provide income above the poverty line.

Benefits would increase with inflation.

Benefits would change depending on the cost of living

Benefits would increase with every dependent in the household.

Benefits would be received regardless of employment status.

So here's an example. Under the Universal Basic Income, a household with one person would receive an income of say 150% of the poverty line. In 2016, that amount would be $17,820.

With that income, that person would use that money to pay for housing, food, clothes, and anything else they deem necessary.

What are the benefits?

Any argument for the proposal for a basic income is mostly theory, as trials have been very limited. You can click here to learn what happened when someone crowdfunded a basic income for themselves as an experiment. But here are the basic arguments for the basic income:

It will provide income to those who lose their jobs to automation.

It will increase innovation, because having a basic income will allow people to pursue risky projects, while still having an income to pay for necessities.

Will improve business because every consumer has expendable income, which means there will always be demand for a capitalist to make a product.

How will we pay for this?

For an explanation on my theory of government finance, and how it can fund a basic income, click here.