Not in my world. The world where we are at the tail end of the largest recession in two or three generations, with danger of double-dip; we have lots and lots of surplus productive capacity, productivity just keeps going up, and unemployment is between 10% and 25% in the US depending on how you count it.
More poignant to the current recession-- imagine how much better things would be now if people who lived through the great depression were still around (in large numbers) and running for office.
Also, just like we've seen in the last 200 years, people's education requirements would continue to grow. If you live to 1000, maybe the first 50 years of your life are spent as a student.
The growth of productivity will always be an issue.