Artists who got almost $1,500 a month under a basic income pilot say their work improved
Ireland's basic income pilot program for the arts ends in August.
For three years, 2,000 artists and creative arts workers received about $370 a week.
Recipients said the stipend overall improved their daily lives.
For about 2,000 artists and creative arts workers in Ireland, a weekly stipend provided through a basic income program has been a lifeline for years.
Now, it's almost over.
The pilot program began in 2022 under Catherine Martin, Ireland's former minister for tourism and culture. Martin allocated about $28 million to the arts sector following the COVID-19 pandemic.
Participants were randomly chosen and given an unconditional stipend of €325, or about $370, weekly for three years. During that time, participants met periodically via Zoom to discuss how the additional income had affected their livelihoods, careers, and ability to meet basic needs.
The final session was held this month before the program's conclusion in August.
Artists and cultural workers who attended the session grappled with what their lives would look like after August, but they hoped government officials would extend the program.
"We need no further pilots. People need a UBI now to face and deal with the many social, economic, and ecological crises of our world," Reinhard Huss, the organizer of UBI Lab Leeds, which sponsored the event alongside Basic Income Ireland, UBI Lab Arts, and UBI Lab Network, told Business Insider.
New developments in AI are reshaping the job market, replacing some entry-level positions. Tech industry leaders like Elon Musk and OpenAI CEO Sam Altman have said implementing a universal basic income will be essential in the near future when AI supplants jobs in most industries.
A universal basic income offers an entire population recurring, unconditional payments regardless of an individual's socioeconomic status. Ireland's program, like many others in the United States, is a guaranteed basic income, which targets certain segments of the population for a set period of time.
Jenny Dagg, a sociologist lecturing at Ireland's Maynooth University, authored a new report that provides insights into participants' reactions to the program. She gathered data from over 50 of the 2,000 recipients.
Although the report outlined nearly a dozen key impacts reported by program recipients, Dagg highlighted five major takeaways during the Zoom session.
Dagg said that recipients who received money from the program reported more stability and "significantly reduced" financial stress. It relieved their anxiety about fulfilling their basic needs.
Participating in the pilot program also allowed artists to re-prioritize how they spend their time and what they choose to focus on. "The opportunity to focus more on their specific creative interests opened new possibilities and career trajectories," the report said.
Artists said the added income allowed them to spend more time "researching, experimenting, taking risks, and failing," which has improved the quality of their work.
Artists, the report said, also felt more confident in themselves and their work during the program. "Many recipients talk of feeling empowered, of being in control of the choices within their lives, and envisioning a viable career path longer-term," the report said.
Recipients even reported better mental health, which led to improved sleep quality and lowered stress levels.
With the end of the program fast approaching, recipients of the weekly payment are reckoning with what how their lives might change.
"Across art forms, recipients report concerns about financial stability and sustaining the momentum of their careers when, or if, the basic income scheme ends," Dagg's report said.
This month, Basic Income Ireland called on the government to immediately implement a universal and unconditional basic income for the country. A spokesperson for the UBI Lab Network said the pilot program's success shows that basic income is a viable option. The campaign group shared a proposal for introducing a universal basic income to Ireland.
"As the pilot shows, basic income works and people need a UBI now to face and deal with the many social, economic, and ecological crises of our world. The Network will continue to help demonstrate basic income within communities and show how it is a sustainable policy," the statement said.
Patrick O'Donovan, Ireland's minister for arts and culture, said he would evaluate the data collected throughout the pilot program and create proposals for the government regarding the next steps.
"I am heartened by the responses of the Basic Income recipients in this paper," O'Donovan said in the May report. "This research will add to the evaluation being conducted by my department, which to date clearly shows that the Basic Income Pilot has been an effective support for the artists in receipt of it."
Read the original article on Business Insider

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Miami Herald
6 hours ago
- Miami Herald
JetBlue is pulling out of the Miami airport, but will remain at FLL. See details
JetBlue Airways will halt service at Miami International Airport, the airline said on Saturday. The Long Island City-based carrier cited poor financial performance. JetBlue has a small footprint at MIA, with one or two daily flights between MIA and Boston. But 'to free aircraft for new routes, we've recently made the decision to end a small number of unprofitable flights including between Boston and Miami,' Derek Dombrowski, director of corporate communications, said in an email statement sent to the Miami Herald. The changes are effective Sept. 3, he said. Travelers booked on cancelled flights 'will have the option to fly via Fort Lauderdale or receive a full refund to their original form of payment,' Dombrowski said. The move was a business decision. 'We continually evaluate how our network is performing and make changes as needed,' Dombrowski said. JetBlue informed MIA of the changes on Friday, Greg Chin, communications director for Miami-Dade Aviation Department, said in a phone call with the Miami Herald on Saturday. He didn't elaborate on other details. JetBlue's Fort Lauderdale presence JetBlue will continue to fly to Boston from nearby Fort Lauderdale-Hollywood International Airport as well as West Palm Beach, Dombrowski said. The airline has a strong presence at FLL. In 2024, JetBlue served about 6.8 million passengers at FLL, down 2.1% from 2023 but still the second largest carrier at that airport, only behind Spirit. It carried 19% of all travelers to and from the Broward County airport. This year, JetBlue remains FLL's second largest carrier. Through April 30, the airline had 2.2 million passengers, even though that's down 6% from the same period in 2024. In 2021, to make a larger bet on South Florida as the COVID-19 pandemic was still in full force, JetBlue expanded at MIA, adding as many as 14 daily flights, including as many as four times a day to Boston. The airline also added direct flights between MIA and New York-JFK, Newark, Los Angeles and Hartford. Since then, JetBlue has scaled back service in Miami due to falling demand. It was also slowed down by the 2024 ruling of a federal judge in Massachusetts that blocked an attempted merger with Broward-based Spirit, citing anti-competitive laws. On Saturday, JetBlue had a total of two arrivals at MIA, each one from Boston, according to the airport's flight tracker. And it had one departure, also to Boston.
Yahoo
9 hours ago
- Yahoo
Teradyne (NasdaqGS:TER) Revamps By-Laws to Modernize Shareholder Procedures and Director Elections
On June 20, 2025, Teradyne implemented significant amendments to its By-Laws, adjusting nomination and proposal notice windows and clarifying voting standards. Over the past month, Teradyne's stock price moved 9% amid these changes, potentially reflecting investor confidence in enhanced governance practices. Although the broader market has remained flat, the recent gains by the company could suggest that these internal updates resonated positively with market participants, aligning with an overall upward market trend over the past year. This internal shift may have added weight to Teradyne's modest divergence from the market's flat performance. Buy, Hold or Sell Teradyne? View our complete analysis and fair value estimate and you decide. These 17 companies survived and thrived after COVID and have the right ingredients to survive Trump's tariffs. Discover why before your portfolio feels the trade war pinch. The recent amendments to Teradyne's by-laws could potentially reinforce investor confidence, aligning with broader market interests in strong governance. Over a longer five-year span, Teradyne's total shareholder return of 7.61% provides context for its performance, despite the stock's short-term fluctuations. This return contrasts with the company's one-year underperformance, as it lagged behind both the overall US market and the semiconductor industry, indicating room for improvement. The governance changes could influence Teradyne's revenue and earnings positively, particularly in the context of its strategic focus on AI, robotics, and automation. These areas are anticipated to boost revenue, though current geopolitical and tariff concerns could pose risks. Analysts forecast an annual revenue growth of 12.3% and a rise in profit margins to 24.7%, indicating a potential upside, even if challenges persist. The recent share price movement following the changes, while reflective of immediate investor sentiment, shows a notable gap against the consensus price target of US$99.83, which represents a 25.8% potential increase from the current US$74.07. This suggests that investors might be weighing the company's long-term strategic initiatives against current uncertainties. Our valuation report unveils the possibility Teradyne's shares may be trading at a discount. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NasdaqGS:TER. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Miami Herald
10 hours ago
- Miami Herald
Fannie Mae chief Pulte sends savage one-word message to Fed's Powell
There's mounting tension in Washington, D.C. over the Federal Reserve's interest rate policy. After cutting interest rates by 1% late last year, Fed Chairman Jerome Powell has taken a decidedly different tack in 2025, holding interest rates steady, and frustrating many, including President Donald Trump, who wants rate cuts now. President Trump has called Powell a "numbskull" for not reducing the Fed Funds Rate, and "Mr. Too-Late" because of the risk that the Fed's hesitancy will put it behind the curve, possibly causing stagflation or worse, a recession. Don't miss the move: Subscribe to TheStreet's free daily newsletter The Fed's dilly-dallying on rate cuts means homebuyers will have to wait for lower mortgage rates, a fact that hasn't been lost on housing market experts, including Fannie Mae Chairman Bill Pulte, who is also director of the Federal Housing Finance Agency (FHFA). Pulte knows a thing or two about the housing market, given he's the grandson of the founder of the mega homebuilder PulteGroup and formerly served on PulteGroup's board of directors. This week, Pulte targeted the Fed's monetary policy, delivering a harsh rebuke and curt message to Chairman Powell that has raised eyebrows. Image source: Bartkowski/Getty Images The Federal Reserve has an important mission to encourage low inflation and unemployment by raising or lowering the Fed Funds Rate. The FFR is the rate that banks charge each other when lending excess reserve balances overnight. Unfortunately, its dual mandate is easier said than done. Often, low inflation and unemployment are contrary goals. Higher rates lower inflation but increase job losses, while lower rates decrease unemployment but increase inflation. Related: Fed interest rate cut decision resets forecasts for the rest of this year We've witnessed that dynamic in real time over the past five years. At risk of surging unemployment due to the Covid pandemic, the Fed doubled down on its zero-interest rate policy of low rates. The move worked, helping the U.S. avoid a recession or worse. However, low rates (and stimulus payments) caused inflation to spike in 2021. At the time, Fed Chair Powell initially and infamously referred to inflation as 'transitory;' however, he was forced to switch gears and embark on the most aggressive rate hikes since the 1980s after inflation skyrocketed to 8% in June 2022. The higher rates have sent inflation below 3%; however, they've done so at a cost, given emerging cracks in the jobs market. The U.S. unemployment rate has moved up to 4.2% from 3.4% in 2023, and over 696,000 layoffs have been announced this year through May, up 80% year over year, according to Challenger, Gray, & Christmas. There's also increased evidence that the economy is weakening. ISM's latest manufacturing and services PMIs, which measure economic activity, were below 50, suggesting contraction in May. A concerning job market and potential economic slowing aren't great recipes for consumer and business spending, yet the Fed has kept its finger off the rate cut trigger, citing inflation uncertainty amid recently enacted tariffs. Related: Major housing expert predicts huge change to mortgage rates in 2026 Since February, President Trump has placed 25% tariffs on Canada, Mexico, and autos, a 10% baseline tariff on all imports, and stiff tariffs on China, a significant trade partner that supplies just about everything from clothing to car parts. While China's tariffs have retreated from a sky-high 145% in April that effectively shut down trade, they remain at 30%. Worries that tariffs may cause inflation to reassert itself in the coming months have Fed Chair Powell a bit boxed in, given that rate cuts to shore up the economy may add to possible inflationary fires this year. Fed Chair Powell argues that a wait-and-see approach makes sense, given that unemployment is historically low and the economy, while showing some worrisome signs, is still expected to grow by 3% this quarter. Related: Forget tariffs, Fed interest rate cuts may hinge on another problem "The effects on inflation could be short-lived - reflecting a one-time shift in the price level. It is also possible that the inflationary effects could instead be more persistent," said Powell after holding rates steady on June 18. "Avoiding that outcome will depend on the size of the tariff effects, on how long it takes for them to pass through fully into prices, and, ultimately, on keeping longer-term inflation expectations well anchored." The worry over tariffs isn't shared by Fannie Mae Chairman Pulte. After Powell held interest rates at their current 4.25% to 4.50% range, he blasted Powell, calling for immediate interest rate cuts to lower mortgage rates and support the housing market. "Jerome Powell is a main reason for the Housing Supply Crisis in this Country," wrote Pulte on X. "By improperly keeping interest rates high, Jerome Powell is trapping homeowners in low-rate mortgages and choking off existing home sales - directly fueling the housing supply crisis. He must lower rates." Pulte is, at a minimum, correct anecdotally that the housing market is in a crisis, especially with first-time homebuyers who struggle to come up with enough money for a down payment, given supply shortages have propped up home prices, and can't afford monthly mortgage payments. More Economic Analysis: Federal Reserve prepares strong message on long-term interest ratesMassive city workers union approves strikeAnalyst makes bold call on stocks, bonds, and gold Mortgage rates typically run 2% to 3% higher than the 10-year Treasury note yield, and the Fed Funds Rate highly influences the 10-year yield. As a result, 30-year mortgage rates have risen to roughly 6.8% from 2.7% in early 2021 before Powell raised rates to fight inflation. In April, the median price for a new home exceeded $407,000, up from $310,000 five years ago. Meanwhile, according to Bankrate, the average mortgage payment doubled to $2,207 in 2024. With housing affordability so challenging and the Fed firmly in the "no cut" camp, Pulte sent a powerful message to Powell. "Americans are sick and tired of Jerome Powell. Let's move on!" wrote Pulte. "Funny thing is Jay Powell is talking right now about the housing market - he has no clue what he can do for the housing market. And he's not listening to the people who help lead the housing market." His blunt advice to Powell? "RESIGN," said Pulte. Related: Veteran fund manager who predicted April rally updates S&P 500 forecast The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.