That's more or less correct. The problem is real (we don't need that many people to make all the stuff) but the proposed solutions are no good. He's into co-ops and "local", which just don't do much in the developed world because the big guys are not inefficient. (You're not going to beat WalMart on price with your local grocery co-op.) Then there's some Marxist analysis, which doesn't help; Marx wrote when companies needed huge labor forces.

Bernie Sanders, the presidential candidate, makes an interesting point. He questions the whole idea of economic growth as a national goal. “Unchecked growth – especially when 99 percent of all new income goes to the top 1 percent – is absurd. Where we’ve got to move is not growth for the sake of growth, but we’ve got to move to a society that provides a high quality of life for all of our people."[1] There's something to be said for that. You get what you measure and optimize for, and US policy has been to optimize for GDP. Maybe we should be optimizing for median per capita real income per hour worked, or "how much does an hour of work buy for most people". That's a number you never used to see in the press, but it shows up more now.

[1] http://www.washingtonpost.com/blogs/wonkblog/wp/2015/07/13/w...