They think they will be they ones leading the riots (the precariat will defer to them because they are "smart" apparently?) instead of they themselves being the ones being swarmed by rioters for visibly being just a little too well off.
Wouldn't it be easy to argue that this is because there was more a social safety net to prevent said starvation and by that point people were extremely cynical about revolutionary ideas in a way that is not at all comparable?
It's one of those unfortunate aspects of internet information silos where people repeat this phrase to each other but don't really contextualize their opinions in the greater body of history and political thought.
Additionally, I think a lot of people with this opinion don't realize the vast difference in material standards we have today and what was true in the age of Communist revolution and decolonialization. It's tempting to think of material standards as relative and I think inequality is indeed a destabilizing factor in socities, but minimum material standards are true in so much of the world today that I think a class-conscious revolution is much harder in most of the developed and developing world absent other external political forces (e.g. nationalism, decolonoialism, etc)