Facebook co-founder wants US citizens to have ‘fair shot’ at guaranteed income

Chris Hughes, co-founder of Facebook, speaks at the Charles Schwab IMPACT 2010 conference in Boston, Massachusetts October 28, 2010. REUTERS/Adam Hunger

SEATTLE: A US$500 (RM1,957) monthly cheque from the government for every American earning less than US$50,000 (RM195,700), financed by taxing the wealthy, would provide financial stability for millions of people in the United States, said the co-founder of Facebook.

Chris Hughes, who made billions after co-founding the social network with Mark Zuckerberg while at Harvard University, said such a guaranteed income was needed to counteract the effects of growing income inequality in the United States.