Would a universal basic income (UBI) meet the requirements of your “universal job guarantee”?

Not really. A UBI would still keep wages and prices anchored in capital as they are now. Also, because UBI is not responsive to swings in the business cycle it would be hard for it not to be inflationary. A job guarantee sets a bottom for wages and benefits that private employers would have to bid against and it would always be countercyclical to the business cycle.

When the business cycle slumps the job guarantee participation would increase, injecting new federal money precisely where and when it is needed. This also creates a price anchor that is opposite that of UBI.