I would think the argument is more that the average worker living under a king would not even own their property, but would be renting a hovel, living in abject squalor, and having lots of children in order to bring in enough to pay the rent and taxes.

I know for sure in which timeline I'd prefer to be the average worker.

EDIT: For clarity, in no way am I simping for the billionaire class. I think it'll have to change. But people who think serfs in the middle ages had it better are crazy.