No, it was not.
My parents told me about constant shortages of various consumer goods which lasted into the early 50's. There was also quite a bit of unemployment as 12 million people came out of the military forces and back into the civilian job market.
It took a while to adjust. Things changed in the mid-50's and America had a roaring economic boom going by then. Good times kept coming until the early 70's.
Russia will probably recover slowly from their wartime expenditures once the Ukraine has been conquered. It is unlikely that victory will be worth what they are paying for it. And China is likely to take a huge chunk out of their backsides to the east if they are not careful.
Russia is bashing their way through Ukraine by spending men at a greater rate than the Ukraine can match. China may be able to do the same to Russia when it comes time for them to take the eastern provinces.