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Fed Unlikely To Act in Near Term According to James Bullard – Tuesday 08...

Finland has an issue with high unemployment. Recent data shows that the current unemployment rate stands at a whopping 8.7%. To put that into perspective, the unemployment rate in the United States currently stands at a consistent 5%. Now, countries have tried many ways and methods to try to reduce unemployment, and Finland is now proposing one of the controversial methods to help.

The Finnish Social Insurance Institution is proposing to pass new laws that would pay all citizens, regardless of employment situation, a tax-free monthly payout of 800 Euros, the equivalent of 860 U.S. Dollars. This plan would cost the country a total of 52.8 billion Euros per year.

It's only fair to mention that this payout plan would replace all social welfare payments, child benefits and state pension payments, and while it's gaining support, it's also gaining much criticism. Some oppose the plan, saying that this program will have the opposite effect of putting people back to work.