I'd support a system like this if the money was spent mostly on healthy food and durable goods. But I fear a blunt money giveaway will exacerbate the existing problems.
Do you ever wonder why so many evil corporations support democrats/labour/etc? Handouts get votes, and as long as handouts get spent mostly in things these corporations sell it's all good. Think junk food, rent (landowners), non-durable goods (mobile, shoes, clothing), gasoline, alcohol, and tobacco. It's a feedback loop of well meaning but lazy left wing politics and the worst of Capitalism.
Think about it.