Except there is no concentration of private wealth in the long term, and income from capital plays an exceedingly small role in the overall economy. Even those in the top 0.1% mostly make their money from wages.

What you observe is that fact that a great majority of people live on fixed income which doesn't get hit (because these people are useless anyway, like most government employees), and many live off pensions, plus government boosts it's spending. So those who actually make their living, lose a lot more. But same is true about good times, when economy books it's not policemen or school teachers who get biggest raises. Those with capital are even further up the risk curve: when stock market drops, they directly lose money. And dividends on the stock can easily drop to almost zero.