Hey John, would you rather be operated on using technology from 1975 or today? Would you rather be treated for a disease with drugs from 1975 or today? Which cars do you prefer; that fine Pinto from 1975, or a car with today's comforts and technology?
So using the logic you provided above, pushing forward 35 more years, say around 2035, we'll need 3 or 4 incomes per household to afford these wonderful things. I wonder if they'll lower the working age to 10 or 11 years old? Get those kids earning some income.
I can't see into the future but with incomes historically rising faster than inflation, I'd say that my children will be just fine and that they will have the opportunity to pursue any lifestyle they choose.
All I have to do is look around me to clearly see and fully understand that my parents lived much better than their parents did and, that my standard of living is better than that of my parents at this same point in their lives. I have no reason not to be optimistic about the future for my children. Those who take education seriously and are motivated to achieve and create value, will always maintain an exceptional standard of living.
You never did answer my question though. If your life was on the line, what would you rather your doctor use: Knowledge and technology from 1975, or from 2005?