Brian: Practical argument against is fundamental economics of where the money comes from.
Moral fabric: Recall in your US history when there was a time when in America we did not have such programs. You had to pull your self up by your own bootstraps. Only welfare was the local church and giving friends and neighbors. No government programs.
I should be stunned with the thinking that a computer can simply make the transactions. But I understand you and your ilk. There will always be stratification in societies. Deal with it! Everyone is not nor ever equal in terms of productivity.
That is where the bell curve came from: to ring sense into masses. ( humor)