Without perpetual growth wouldn't those who are not already well off have almost no hope of getting ahead? That is, it seems like currently the system only works for at least the middle class because people can invest in 401ks and mutual funds. If those were taken away then what would the non 1% have left?

Edit: To be clear, I mean this as an honest question. I see a lot of smart people arguing that expectations of growth need to change in order to tackle issues like global warming, but I don't see a scenario where that doesn't result in most people becoming serfs.