While I somewhat agree on paper, the reality is that an economy where most of the population can't afford food and shelter, is one where rich folks heads end up

While I somewhat agree on paper, the reality is that an economy where most of the population can't afford food and shelter, is one where rich folks heads end up on pikes pretty rapidly. Unless the overlords are willing to implement UBI, they can't realistically cut 50% of the workforce from the economy and survive the transition.