The next generation, the ones that are supposed to benefit from this, will be left paying the bill and dealing with the fallout. Forget about growth, mere stagnation will feel like a dream outcome when the systems we took for granted start collapsing - food and water shortages, mass migrations of people who used to prop up lifestyles of rich countries. Natural disasters that increase to the point where you're stuck in a perpetual cycle of rebuilding and trying to mitigate the next one.
Those people won't thank us for our "enlightened" pursuit of growth, they'll talk about our abject arrogance and ignorance in disbelief.
This phenomenon stopped a long time ago in the USA - with each successive generation since the 1940s, wealth has concentrated further in older generations.
Of course that's largely because the supply of various asset classes (i.e. housing) ceased to grow at their previous rates, so prices have skyrocketed, and the capital gains accumulate to the older generations who own the most property.
People today are MUCH better off on just about every dimension than in the 1940s!
You'd rather go live in the 1940s? Or do you think someone living in the 1940s wouldn't rather live today?
Sure, but that wasn't the premise. Young people (< age 55) today have a far smaller share of current total wealth than young people did of total wealth in 1940.
And until 1940, each generation accumulated a greater share of value than the generation before. Post-1940, each subsequent generation has a smaller and smaller slice of the pie.
Isn't the thing that we should optimize for is human living standards improve and happiness increases?
The former (share of wealth) is a metric, while the latter (living standard and happiness) is outcome.
I know that for me, the outcome is what's important.
He never said living standards were better in the 40s.