Are you sure on that last point? There have been some kings with pretty low standards of living historically... :)
I think a big part of the issue is our economy isn't aimed at letting everyone live like a king for just breathing, it's aimed at maximizing how fast we can transform raw resources into things people want and maximizing how much stuff we can get people with money to want to want.
Considering "living like a king" typically means that you get what you want, I'd say that the two are the same.
The slog from subsistence to utopia is, and will be, accomplished one step at a time. Improved productivity (often achieved through the transformation of raw materials), increases output relative to effort and time spent working. The dividends paid by this improved productivity is almost always reinvested, typically by reducing effort, but maintaining (or increasing) time.
tl;dr the economy is very much aimed at letting everyone live like a king just for breathing, but breathing alone is not yet productive enough to satisfy anyone's needs.
I think a big part of the issue is our economy isn't aimed at letting everyone live like a king for just breathing, it's aimed at maximizing how fast we can transform raw resources into things people want and maximizing how much stuff we can get people with money to want to want.