it is about equal protection of employment at the will of Either party laws, not your subjective social morals on a national basis.
Which you've admitted means you want to be paid whether you work a job or not. That's the bottom line.
It is more cost effective than welfare because it solves simple poverty in a market friendly manner by increasing market based participation and engendering a positive multiplier effect upon our economy. That is the Capital bottom line, not Your subjective Social values on a National basis.
It is not more cost effective because, as all good socialists do, you don't account for human nature. When you incentivize someone to not work, they will not work, even when they can. They then become a drain on society instead of being productive. When you have more people taking from society than producing, it collapses. We've seen that happen over and over again.
Socialism only works when people are willing to enter into it and are willing to continue producing. When they stop, it fails, usually violently. Short term help, like unemployment compensation until you get back to work, or time limited welfare until you can find work, do help society, because it keeps people going until they can provide for themselves again. What you want doesn't do that. It makes people dependent on continued societal largess.