I agree with everything you’ve said except for this. With worldwide growing inequality, it’s very clear where those resources are going. The people making less if the janitors get a pay bump isn’t the middle managers. It’s the owners, by a very tiny amount. If you don’t have a share of the company, you’re not affected by other people making more or spending less.
Funnily enough though, another winner in that scenario are small local business owners. More local income means more customers.