No way. We're not even close to the wall. Since the Industrial Revolution we improved our condition until the 1930s and since then we are stuck there. Look at our society now compared to then and besides things looking sleeker we live on the same technology.
We got stuck there because a combination of three things:
1. Wimpiness. We became wimps who do not want to be killed exploring new technology such as private aircraft, or even hovercraft, etc. When you look at the improvements between 1800 and 1930 we should have continued on that path. Our cities should look more like those Star Wars cities with no traffic jams and parking trees rather than parking lots, etc. I believe the technology is there but who's going to be the first few to use it and die before the bugs are worked out. We lose 40,000 lives per year in traffic accidents. Our society would freak out over losing 1000 on a new technology so we're stuck on the ground indefinitely.
2. Progressive taxation. I don't think it's any coincidence our technology climb ended with FDR and the beginning of progressive taxation. It was always the rich that invested in new things to improve the way we did things. Since the beginning of punishing the rich with FDR's progressive taxation and lawsuits for every little thing, who's going to take a chance to invest a boatload in a new technology that will improve everyday life just to be sued or taxed out of business. Instead we just improve the stuff already invented.
3. Government. It seems like some of the best minds (like Tesla) are always attacked by the government for fear of new technology getting into the wrong hands. Tesla may not have been right about everything but the man who did more than Edison to bring about alternating current, etc, probably should not have been ridiculed like he was.
There's lots of things we could be doing rather than inventing a better windshield wiper. Looking at 1830 to 1900, there should be hotels on one of Saturn's moons by now. That would be a good release for an ever-expanding economy.
That’s all fine but those things are NOT what our economy has been based on these last 20 years or so. It’s been based on consumerism (of goods mostly produced elsewhere) via unsupportable consumer debt.
That is simply not sustainable as we are now seeing.
Living beyond your means, whether for an individual or a government, is not sustainable over the long run.