Techno-feudalism and the rise of AGI: A future without economic rights?

Is a future where AI replaces most human labor rendered impossible by the following consideration:

-- In such a future, people will have minimal income (possibly some UBI) and therefore there will be few who can afford the products and services generated by AI

-- Therefore the AI generates greatly reduced wealth

-- Therefore there’s greatly reduced wealth to pay for the AI

-- …rendering such a future impossible

Alternatively:

-- In such a future, people will have minimal income (possibly some UBI) and therefore there will be few who can afford the products and services generated by AI

-- Corporate profits drop (or growth slows) and there is demand from the powers that be to increase taxation in order to increase the UBI.

-- People can afford the products and services.

Unfortunately, with no jobs the products and services could become exclusively entertainment-related.

>exclusively entertainment related

We may find that, if our baser needs are so easily come by that we have tremendous free time, much of the world is instead pursuing things like the sciences or arts instead of continuing to try to cosplay 20th century capitalism.

Why are we all doing this? By this, I mean, gestures at everything this? About 80% of us will say, so that we don't starve, and can then amuse ourselves however it pleases us in the meantime. 19% will say because they enjoy being impactful or some similar corporate bullshit that will elicit eyerolls. And 1% do it simply because they enjoy holding power over other people and management in the workplace provides a source of that in a semi-legal way.

So the 80% of people will adapt quite well to a post-scarcity world. 19% will require therapy. And 1% will fight tooth and nail to not have us get there.

You don't think that a post scarcity world would provide opportunities to wield power over others? People will always build heirarchy, we're wired for it.