The 1950s were a boom-time for the USA, but the UK still had rationing for example, France and Spain had massive refugee housing and a lot of homelessness. Nevermind China still recovering from occupation and civil war, etc.

There is absolutely no way that standard of living would be acceptable, and nor should it be.

That said it does seem to be the way things are going with hyperinflation and shortages, and the spectre of "climate lockdowns" haunting Europe.