“Not as consumers, no. The 1% doesn’t consume more than the 90th percentile.”

But that’s the thing, as the wages of workers goes down their ability to consume goes down as well. Sure they’ll never stop needing food and clothes but new cars, sushi, new TVs, vacations, preventative healthcare, higher education, etc - these things become impossible. Debt will surely be the next step to keep the engine running but that will only accelerate the transfer of wealth because debt is paid to those who have assets. And quite frankly we’re already there - university (in the US), the rise of buy now and pay later programs, healthcare the moment you need to use it - these things require massive debt today. It’ll only get worse.

As wealth gets drained from the working class into the owning class, the only meaningful consumers for the majority of goods and services will be the owning class. Services will increasingly be focused on the wealthy or on methods of serving the poor via borrowing from the rich (which only exasperates their poverty).