The primary argument against, or drawback to, a universal basic income system is the potential for it to cause runaway inflation, which would ultimately raise the cost of living.

Will universal income cause inflation?

A UBI [without offsetting taxes] is inflationary. A UBI [with offsetting taxes] is not inflationary.

How does UBI not cause inflation?

A UBI would address the gap between consumer debt and the money available to repay it; but there are equivalent gaps for business debt, federal debt, and state and municipal debt, leaving room for quite a bit of helicopter money before debt deflation would turn into inflation.