I think it would change the labor market because employers would have to be more competitive when hiring (since not everyone had to work). There are a lot of valid concerns about inflation or even hyperinflation, but from my perspective, we'd already be seeing hyper inflation right now given the $8T+ which has been created out of nothing over the last 8 years or so. The reason we aren't, I think, is because of incredible productivity we have due to technology. We should probably be seeing $8T+ in deflation right now, but the FED just prints away (to the benefit of their bankster cronies who see the money first) which essentially steals from the rest of us.
If you want to know more, I'd recommend following those Facebook groups for a few months. They post a lot of really interesting articles from some very smart people on the topic. Inflation is a possibility, but there are also other offsets which might prevent that from happening.