I see it as a second Industrial Revolution. After the IR, everybody still had a job, but most of those were (in the words of one personal friend) "bullshit jobs." Jobs that didn't involve growing food or building tangible things. What we'd call "white collar jobs," in other words. The economic value associated with those jobs simply didn't exist before the IR. It couldn't.

After this incarnation of the Industrial Revolution, those white-collar jobs will be mostly gone, and nothing will replace them. I personally don't think CEOs and politicians will end up being any more immune than junior programmers. New forms of organization will have to emerge on both the labor and management sides. (Democracy at the nation-state level is pretty much toast anyway, so something else is going to have to replace it, AI or no AI.)

Blue-collar labor will eventually be subsumed by robotics, but that will take longer. Things like UBI will make more sense in this environment than they do now, and I think that'll be a big part of it. Not to say that all gains will be equally distributed, or that they should be, but I don't things can get much worse than where they are headed today with regard to the tilted economic playing field.

The worst case scenario would indeed be if all the gains get concentrated and centralized, as the major AI labs seem to want, but I don't think it'll work out that way.