I can't speak for all libertarianism, but generally speaking libertarians do not support federal government welfare systems, for the following reasons:
- They usurp the role of private welfare, or even local community run welfare, where you know who the money is going to and whether or not they're abusing it
- "Top down" social programs only last as long as you have more producing than non-producing (or in our case, as long as you can borrow money to pay for it). They lead to financial ruin and in the long run will cause disaster for the generation holding the bag.
- They increase the amount of force and coercion; suddenly using welfare as a weapon, the left can increase the size of government, the right can increase the size of the military (I do not differentiate between Veterans welfare from the VA or civilian welfare).
- They take money from those that produce and give it to those that do not
And I haven't even gotten into the economic issues with a basic income guarantee.
You notice that whenever the government gets involved in an industry, those costs immediately go up? The government literally gives away money every year (and even guarantees loans without even asking what your loan is for), and the cost of college keeps rising and rising. This is classic inflation.
What do you think will happen to the cost of goods if we are suddenly printing money simply to give to every last human being on this continent? If you don't expect prices to rise, you haven't been paying attention to either healthcare or education.