This used to be true but no longer.

Increasingly, machine labour is replacing human labour in the production of goods and services. This shift impacts the connection between human labour and human income and eventually severs it as robot, AI, IOT, etc become lower cost substitutions.

The simplistic solution suggested by politicians in the form of various efforts at raising wages will prove ineffective as it increases the pressure to accellerate machine/human labour substitution.

The concentration of wealth in a smaller and smaller group of people is the logical result of this transformation.

Avoiding socioeconomic collapse can happen only if we rethink how we value human contribution to social good. Without doing this, eventually most of us will become supurfulous at best, and a drain at worst. This is a formula for revolution.