Basic income could work, However by simply printing bills or cutting the spending budget elsewhere you'll realize very soon after that what end up happening is you end up breeding a lazy peoples which you're unable to siphon tax money to thrown back into the system.

Money exists as a tool to make trading easier but also to invoke stress on your average person.. This stress motivates people to get up out of bed and do productive things. If you cover everyones basic needs with about 4-5 generations what you'll be left with is a bunch of unskilled, lazy un-sustainable inhabitants and no tax income to support them.