Los Angeles is launching the US' biggest guaranteed income pilot. The scheme will pay $1,000 a month to 3,000 families.

The City of Los Angeles said there would be "no restrictions" on how the 3,000 families on the scheme can spend the $1,000 monthly payments.

  • Los Angeles is launching a guaranteed income pilot program with $1,000 monthly payments.

  • Around 3,000 families will get the money for a year, and there are no rules for how they spend it.

  • A council member said it would be the largest guaranteed income program in the US' history.

Read more at Business Insider.

Cynthia Hirschhornequity, Los Angeles, economics