This is true, but it actually wouldn’t really address this problem at all.

The issue here is production vs consumption is out of whack. Taking money from billionaires and pumping it into the consumption side doesn’t fix the imbalance. There would still be the same amount of production and the consumers would now have more money to buy the same amount of things, so the prices of stuff would just go up (or the value of money would go down, depends on how you want to look at it). So you would just create inflation with the type of wealth transfer you implied.

The trick is to take the billionaires money and put it to use producing things, not consuming things. There are tons of ways to do this such as investing in education, small business loans, scientific grants, and big infrastructure projects.

Another solution is to increase immigration to make up the production imbalance. Good luck getting that through todays political climate, but most economists would agree it would help alleviate the problem OP referenced.