Billionaire Ray Dalio thinks universal basic income is no magic wand — and may even do more harm than good

Brian Snyder/Reuters

• Ray Dalio cast doubt on the idea of universal basic income on the "Lex Fridman Podcast" in 2019.
• The elite investor warned cash handouts could fuel bad habits and defund superior social programs.
• Programs with proven outcomes that boost productivity are a better bet, Dalio said.

Universal basic income is winning support from some as a powerful tool to combat poverty, but Ray Dalio thinks it could...