Economic activity (production of goods and services) is being cut and with it the money to pay wages is not being-generated. Who takes the hit with less cash to pay out? The one percent will work to hold on and protect themselves. The 10% will try to hold on but can’t commender the organized state sanctioned resources to protect themselves and will fall back on random acts of pillage, and the rest of he population are cut lose.
We created an economy with lots of consumption of cheap stuff, and that paid the wages. If people decide, for many reasons, not to spend on those good and services, the economy will remains shrunk but filled with people who fed themselves on a now shrinking pie.