One idea that has been gaining traction recently is a universal basic income (UBI). Federal and state governments spend over $1 trillion per year operating more than 100 different anti‐​poverty programs, but these programs are wasteful, ineffective, and overly complicated. A UBI promises to replace the existing system with a single, simplified, cash‐​based transfer. As strong as the argument in favor of a guaranteed income may be, there are simply too many unanswered questions to rush forward with any such plan.