I understand that you're pessimistic about this, but overall the human condition has gotten better as the population has grown.
I am more looking at the long term effects here, because I care about future generations too.
Another problem with your view is, that you are totally disregarding other species on planet Earth, which are going extinct or become endangered species in this very moment, in which we enjoy that our "condition is better than ever".
I don't think we're living on credit forever as productivity/technology has improved over time.