My point is not that founders don't deserve a pay out. My point is that if you get a huge payout, employees that made that happen deserve a good part of it. It's good for everyone involved and the economy at large. And the startup ecosystem. It keeps wealth from concentrating in a few hands who can then affect the masses adversely and the economy as well. More people with money is better than fewer people with money. Competition is what makes Capitalism work. And part of that competition comes from the fact that many people have wealth. Not just a few.
I disagree strongly about your characterization of risk. Long run losing of $10k for 10 years is nothing like losing salary completely for a year. Unless you've been very good with money, taking a year with no salary in the Bay Area means Ramen. That year is also the start-up's most risky and the one with the least support. Most of the time when I hear these arguments it's from employees who have never tried founding. People who've tried both and know how difficult it is to keep yourself going for a year making nothing and trying to convince someone to pay for what you made don't think the equity split is unfair anymore-- even when they go back to being employees.