Unless you include diversion, entertainment and merriment under "necessities of life" all you are doing is creating a subset of society so separate from the rest of the society, that they cease to feel connected enough with that society to play by it's rules.
Whether it's because of a desire for the material possessions they see other have but they don't, or through a need to feel fairly treated, rather than harshly condemned by an unforgiving society that blames them for the predicament they find themselves in, or simply from a crushing sense of ennui, the obvious outcome of disenfranchising part of the population will be violence.
But don't let that stop you from being a upper middle class tosser who thinks they can fix societies problems, whilst simultaneously skewing the end results in your favour, all while doing absolutely zero research on the subject and completely ignoring all the hard fought for advances made by societies about governance since the industrial revolution.
It must suck only having one holiday a year because the riff raff are stealing from you via taxes!