[AnthonyMouse]

What you're suggesting would be true of all redistributive programs. Replacing means-tested welfare with a UBI which is equally redistributive would have no inflationary effect.

It's also not clear that it's true in general. Invested money doesn't stand still. You invest it in a startup and the startup spends it. You deposit it in a bank that loans it out and the borrower spends it.

So it could be that taking from the rich and giving to the poor causes inflation or, if startups and mortgage borrowers spend money faster than checkout clerks and bartenders, the other way around.