I don't claim to know what basic income would do, but I worry for the supply side of the equation. I used to work in a factory making windows. It was a terrible, terrible job and nobody would do it given a choice. So if everyone has the choice not to do it, what happens to the supply of goods like that?
While I'd like to believe that the job could be made good enough to be attractive somehow, I can't think of an amount of money that would make me agree to go back. This, of course, makes me wish we could free the people stuck doing that, but I wonder just how many goods there are like that? We're suddenly playing with the 'free rider' problem for our entire society. Sure, we can print enough money for everyone, but what happens when it's nothing but worthless paper because there's nothing to buy?
Also, I'm not so deluded to think that it was the worst job in the world, either. I mean, in that world, who collects trash? There are a lot of necessary jobs that just plain suck and we're simply zeroing any incentive one might have to do those.
In that vein, if we go this route, I'd almost think we would be better off to supply basic goods (food, shelter) than cash. That at produces some semblance of incentive structure for improvement while leaving an out for those who have been made irrelevant by technology.
I say that not to be mean, but because of the times I watched my coworkers get their paycheck, walk or bike[1] straight to the gas station to buy lots of beer (estimated cost ~10% of paycheck), and call in sick the next day.
[1] This was mostly due to being unable to afford a car, though I was aware of a few with DUI convictions. In one case, they were able to bike there because I helped them replace their bike after it was stolen around Christmas time.
It's pretty easy to get injured in spite of safety gear. There are the minor cuts, scrapes and splinters one might experience when dealing with (literal!) tons of broken glass, to say nothing of the times it breaks in your hands. And I was grateful to work on the tempered side. Raw glass breaking when handled is terrifying.
I personally gave first aid to someone whose wrist was slit open by glass. After the ER airlifted to a bigger hospital for reconstructive surgery, he at least retained most of the use of his hand. Note that everyone was issued Kevlar wrist guards (not to mention the jackets, goggles, etc.), so it's not like we were unprepared for such injuries.
Another plant had someone crushed under a forklift just before Christmas when it tipped over when they were emptying a glass hopper. Yet another plant had a sheet of glass break when two people were carrying it. It was raw. It cut open the person's neck and they died. One of the machines used to be called a 'Gas Chamber' (it was used to fill IG units with, e.g. argon). I'll let you guess what sort of incident made them rename that one...
I'm sure there are many more such stories, but I'm including only those I know about directly. There were many other issues as well, I don't have a complete list. I'm deliberately leaving out those issues that could be fixed merely by spending money.
If manufacturers cannot afford that level of compensation, or cannot afford to automate the risky kinds of labor, then they cannot function, and that's a good thing, because if they can only do so now because they are allowed to externalize the costs to society of their health hazards, then they don't provide a net utility to society.
I'd be glad if crappy industrial jobs could be made less so, but if suddenly computers are no longer affordable to anyone due to the inability to find anyone willing to work in the myriad industrial processes that feed the semiconductor industry, I'm not sure that society will actually progress as a result and perhaps there could be less socially disruptive ways that better achieve the goals of basic income.
So apparently the federal highway system isn't a net benefit? How about the internet?
Also in more direct terms, the government "magically" made profits by bailing out AIG, GM, and so on -- so we got taxpayer money (or printed money, doesn't matter) being used to create (a) more money than was used, and (b) the net benefit of not having the economy implode together with the more arguable net benefit of (c) GM staying in business.
As an aside: a friend of mine used to work as a transport economist, trying to figure out the net benefit of government projects. (This was in Australia, but Australian politics is every bit as borked and corrupt as American.) Typically the cut-off point for a government road project was a societal benefit / cost ratio of 20/1.
The thing about corporations -- they raid the societal common (the benefits of public education, civil order, roads, etc.) and make profits "themselves".