If the Fed just invented UBI by printing money, the prices of basics would skyrocket.
Steady inflation is healthy. It devalues hoarded cash. The wealthy currently have unprecedented cash reserves. (This is trivial to look up. Hundreds or even thousands of articles have been published about it by major media outlets.) If we are unwilling to institute a wealth tax then we will need to ramp up inflation in order to effectively get that money back from them. If they would spend it like they claim they do then it could employ people, but since they are sitting on it they are reducing the velocity of money, which effectively contracts the money supply.
Don't mistake me, a wealth tax is superior, because inflation does have negative effects and a wealth tax does not. There's not any chilling effects of a wealth tax because the wealthy still want to be the wealthiest, so they will still compete even if the numbers they achieve won't be as large. If we could get downtrodden dipshits to stop worshiping prosperity as if one day they would get to be the exploiters, then we could solve the problem of the wealthy sitting on cash as if it would hatch with a wealth tax. But GLWT, the worms always come out of the woodwork to defend billionaires as if they could ever become one, and as if the billionaires didn't look down on them as less than scum.