If all labour is displaced, where will our capitalist overloads find more income? Can’t be government because we’re being taxed now, but won’t be once unemployed.
That's only because a capitalist economy uses the circulation of currency and goods as a way to multiply wealth, while motivating the people who generate the wealth.
Sufficiently advanced AI offers the potential for exponential wealth generation for our (former) capitalist overlords, without you or I needing to produce or consume anything.
We need jobs so we can continue to be fleeced.