There was a study a while back in Germany which showed (https://cepr.org/voxeu/columns/identity-and-wellbeing-how-re..., ht Matt Yglesias) that people in retirement are happier than people economically equivalent unemployment. People's understanding of the system and how they relate to it is an important factor.

If 50% of the population understand themselves to belong to a permanent leisure class, who are entitled to simply go through life hosting dinners and grabbing drinks and taking walks in the park whenever they'd like, that's probably an OK future. The pathway from here to there is scary, and you'd have to think about how to manage the other 50% outbidding them for positional goods, but you could imagine it working out.

If 50% of the population understand themselves to belong to a permanent underclass, dependent on the largesse of the other 50% to keep them alive, they're going to be extraordinarily motivated to burn things down. Even if the other 50% establish a generous welfare system, perhaps so generous that you can obtain all the same goods and services that you could in the first scenario, it wouldn't solve the problem.