I feel like you are mischarecterizing OPs argument. His argument is that rather than focus on inequality we should focus on increasing everyone's standard of living overall.
The most important quality of life metric is mental health.
There is no way around the fact that mental health is heavily impacted by the fact that citizens feel worthless when they assess their social status vis-a-vis the top 1%
And no amount of stuff will solve this problem because social status is a zero-sum game.
It's one of those problems that simply cannot be solved.
Revolts spark because people have nothing to lose
Mass depression, bad mental health on a country level and suicides happen when people feel worthless