All (the value) of the things produced goes ultimately to either labor (wages), capital (interest), or land (rent) - Adam Smith. (tax being an intermediary for the same).

If wages are down then rent or interest returns are up.

Market interest rates are trending up in recent years but in line with / below long term averages.

So obviously rent is doing the heavy lifting. GFC, housing crisis, etc, are all products of the extreme rents and land speculation.

Where does rent go? It can be consumed (luxury goods, etc) but most of it 'grounds out' in labor and capital through subsequent investments.

So higher share going to rent actually looks like larger luxury consumption by the landowners, more services consumed by them, and (probably most significantly) larger capital investments domestically and internationally - huge AI and semiconductor investments, robotics and EV factory build outs, complicated R&D programs, etc). These go on to employ more laborers globally - with the key change being that the return to laborers within any one investment is historically low.

Money is only an intermediary. It is the flow of goods produced (machines built, technologies developed) and services and resources which really matters.