Per the state departments August 2019 bulletin, the actual backlog to file for an EB-3 green card is currently 3 years for China, and 9 for India....
If you go back through the last few years of bulletins, this 9 year wait has been relatively stable. Unless you believe there's been a massive spike in applicants in the past few years, there's no reason to believe the current wait for new applicants is 50 or 70 years.
[1]https://travel.state.gov/content/travel/en/legal/visa-law0/v...
[2]https://travel.state.gov/content/travel/en/legal/visa-law0/v...
But I think that is going to be the norm going forward (unless we come up with a better alternative to capitalism); none of us are promised abundant freedom and opportunity unless we strive and work hard to take it. In other words, prosperity does not come easy in this competitive age...