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Originally posted by punkworld
This actually isn't an argument for socialism. Frankly, I don't like the idea of socialism... I prefer people working themselves.
While prices on goods and some services will fall, the standard of luxury will most likely make up for that.
I don't assume only the rich will own robots... I think almost everyone in western countries will own them. I don't think many people will still be vacuuming by hand in 60 years 
Ofcourse, the large industrial machines will only be owned by the companies that have a real use for them, but that goes without saying.
Individuals owning machines, though, only means these individuals will have to spend less time cleaning the house, making dinner, doing grocery-shopping, etc. It doesn't mean these individuals will also get jobs.
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You might be interested in reading some of Asimov's "Robot" books.
In the scenario you foresee, why would people need jobs in the traditional sense? People generally have jobs in order to buy the goods and services they need to live. With the nearly limitless supply of labor that mass automation that economic model changes dramatically. Most goods and services become practically valueless, their only worth being that of their raw materials and the energy used in production. When coupled with advances in energy production (particularly solar) and recycling, the cost of an object becomes practically nothing. In that scenario the only thing that will continue to hold value is the original source of the raw materials, in other words: land.
Thus people will have all their biological needs met for a pitance. Then when the majority of the earths population spends the majority of their day at leisure, the demand and value of entertainment, education and other mental needs will rise. However because the artists, teachers and philosophers biological needs are already met, money in today's sense might not be the currency of choice. I don't know what the currency will be but even when people's biologial needs are met, people will still hunger for power, popularity and sex.