You could be right about this fact, but something is still working as our national wealth seems to be increasing.
Of course, all that could be a house of cards when you look at national debt, personal debt, corporate debt, and the savings rate. What happens when the first domino falls.
Then again, I've heard people saying such things for twenty years!
"national debt, personal debt, corporate debt, and the savings rate."
We actually have a high savings rate, just most of it is tied up in ral estate that doesn't get counted. That's why none of the doom predictions come true.