I believe by most metrics the ultra-rich are holding onto very little cash, most of it is invested (which means some company is spending it to hopefully make more). For example, most of Musk’s fortune is in Tesla and SpaceX, which are employing people and selling things.

I don’t think shortage of cash for businesses (or even consumers really) explains the stalled labor market. Uncertainty about terriffs and fed rates are probably more indicative (and I think it’s hard to argue that those are directly caused by wealth inequality).