Arguably most people are forced to under-consume, but they’d be happy far below the most conspicuous of over-consumption now happening.
To make things worse, there are also embedded emissions. You can see it with China, coming out of poverty requires infrastructure expenditure, which means "wealth averaged out" would be even worse than the average would suggest, as you can't average sewers and highways, you have to build them anew.
There is just not enough wealth on this planet as it currently is. When you're saying "they'll be happy far below the most conspicuous of over-consumption", it actually means "worse than an average citizen of Mongolia, forever", which doesn't sound as enticing, does it
It’s entirely possible to start from today’s resources and build production far more efficiently if we produce rationally for use.
I don't see any evidence for that claim. What's more, planned economies don't seem to be particularly efficient at reducing waste or improving QoL, examples are plenty, from lake Karachay to unavailability of basic feminine hygiene products in USSR up until its breakup.
[1]: eg https://www.bloomberg.com/news/articles/2022-08-25/us-corpor...