The problem is that the term itself is not clearly defined. Then, we discuss 'what will it do once it arrives' so all bets are off.

You're right that I probably disagree as to what AGI is and what it will do once "we're in the way". My assumption is that we'll be replaced just like labor is replaced now, just faster. The difference between humans and the equine population is that we humans come up with stuff we 'need' and 'the market' comes up with products/services to satisfy that need.

The problem with inequality is that the market doesn't pay much attention to needs of poor people vs rich people. If most of humanity becomes part of the 'have nots' then we'll depend on the 0.1%-ers to redistribute.