Finland just rolled out a pilot program to test universal basic income, or UBI. And while the idea of regular cash handouts may sound tantalizing, out-of-work Americans shouldn't hold their breath.
The Scandinavian country announced yesterday that 2,000 randomly selected, unemployed individuals between the ages 25 and 58 will receive a monthly cash payment of 560 euros ($582.90) for two years.
A privately funded pilot program is in the early stages in California, but the United States as a whole is well behind Finland in implementing any kind of guaranteed income.
"Finland is ahead of the U.S. in lot of progressive ideas," says Karl Widerquist, the founder of Basic Income News and an associate professor at SFS-Qatar, Georgetown University, in an email with CNBC.