I think you're missing the more important and immediately obvious corrolary to that argument - we're in the middle of a situation right now where more labour is

I think you're missing the more important and immediately obvious corrolary to that argument - we're in the middle of a situation right now where more labour is required to achieve the same level of output, due to people off sick, self-isolating, businesses running under capacity due to pandemic restrictions or just being outright closed and their staff paid to stay home, global supply chain disruptions absolutely wrecking efficiency everywhere, and so on, and this has to cause prices to rise faster than wages. Also, you're counting every single retired person's pension as "corporate profits" since they're people who're pocketing money without working (and that's not really wrong in the case of many pension schemes - corporate profits are often exactly where the money is coming from). Actually the ordinary retired are probably more relevant here than the super-wealthy; most of the super-wealthy's money isn't spent on stuff that uses labour, and I doubt they consume such a disproportionate amount of the labour-produced goods and services to make a huge difference, plus a bunch of people retired at once during Covid.