Yes, but this stops happening when economic growth is non-existent.
The Western economy (developed countries generally), outside of Silicon Valley and a small number of bright spots, is not really growing.
First let us dispense with certain lies that nearly everybody believes.
The statistics about growth you always hear in the news or from politicians are fraudulent. All economic growth ultimately derives from technology - more output for less input or doing more with less. In the 1930s the growth statistics looked very bad but were actually better than they appeared because a host of new technologies were invented - artificial rubber, secondary oil recovery. Measuring this sort of thing is meaningless because every new invention is only discovered once. How the invention of the steam engine and vulcanized rubber impacts on the price network is unknown until it actually happens and the two inventions contribution to economic growth cannot be compared until they enter the price network egro...
The growth stats were always at best a guess at the underlying reality.
The real economy has not grown significantly since the early 70s. People who correctly point to the massive increase in computational power as marvelous should contrast that with with real energy prices in the same period. That is what the hoi polloi feel, and they are more correct about that than a supertanker packed with econometricians and politicians. This is why the hated Trump is so beloved, notice how the campaign slogan isn't 'Make America Greater', it is 'Make American Great Again'. This admission of a failure is fascinating (for a politician) and utterly ignored by the press.
I don't believe it is 'the end of the world' (there was some growth after all) but people really need to pull their heads out of the asses, academics in particular. Unless we realize there is a problem we cannot adjust our positions in order to fix it.
The fact is that the ideas in your head need to pay rent somehow.
If the net affect is that they do not, then society fragments, which is an appropriate strategy to deal with failure through complexity. I note that the Roman Empire had a very high basic literacy rate. Normal people could read and most often poor children went to a kind of elementary school.
That all got fucked when the Empire fell. It didn't happen immediately but we ultimately went 5 centuries in which only a tiny tiny elite, sometimes in the low hundreds or thousands had the ability to read and write. There is a small island off the coast of my country that held the only copies of most old Greek and Roman texts, but for that 'seedbank' saved by the monks and a passionate illiterate king (Carogolian Empire), you would know nothing of Seneca, Cicero, all the myths and legends of the Ancient World and much more besides.
Kenneth Clark did an excellent documentary on the subject if you're interested.
The episode is: Civilisation (1969) Episode 1 "The Skin of Our Teeth", from 13:35.
Things can and do go backwards.