It also puts assets with positive rates of return out of the hands of the common person. Kind of like how an overheated housing market makes it so you'll never own a home and are stuck paying rent forever. If you ever wanted to own a piece of America's economy and get dividends in the future, now it's priced out of reach. This inflation in investment assets further cements the division between those that have to work 9-5 for a living, and those that have enough investments to live off their returns and not worry about becoming destitute. Jumping that gap between renter and owner is harder than ever.
That's why printing cash (whether in the form of UBI or any other cash printing social program) is not a sustainable solution for lifting people out of poverty or building a healthy economy. There are always negative long term effects that end up hurting the poor and middle classes even more. Even if there's not inflation of consumer goods, there's inflation of investment grade assets.
I don't think this is a sound argument for further enriching the rich and leaving the common person to struggle. An oligarchy is not a desirable model any more than a monarchy is.
it doesn't save us from inflation, it just changes the path it takes. Rich people buy stuff too, which employee us peasants. But by the time us peasants see the money, its already inflated so we don't get the benefits.
