> if nobody has any money?

This is clearly false, the K shaped economy framing does ring true to me and you are describing the lower half of the K. Those millenials (and younger) with crippling student loans, no savings, and unmarketable skills are a major voting block and will definitely have an impact on policy. The size of the impact will be determined by their level of anger and ability to essentially convince the upper half of the K to go along with wealth transfers (traditionally not easy to do).