This lost labor simply cannot be compensated for by transferring money from the AI winners to the AI losers, in the form of, for example, universal basic income. A job and income mean much more than support for the material basis of life. Having a paying job means that the surrounding society values your labor sufficiently to compensate you for it, and provides, in addition to material goods, a sense of dignity and self-worth. It is a matter of thymos: the pride or recognition that is one of the great drivers of human psychology.
Francis Fukuyama, Why I Changed My Mind About AI Risk source