Innovations like fusion and asteroid mining would arguably do far more to preserve the environment than degrowth. People generally don't accept declining standards of living lightly. The Germans turned to Hitler and Nazism after a decade of hyperinflation and economic depression.

I also sense a certain level of hypocrisy to complain about technological baubles when you're on Hacker News. We all enjoy the benefits of modern technology in a myriad of ways like transportation, medicine, abundant food, fruit any time of year, etc.

While it may be true primitive tribes sometimes had satisfying lifestyles with relatively little wealth, we are far beyond the carrying capacity of hunter gatherer modalities, and modern people have the expectation that their lives will generally improve. If it becomes harder to save wealth, own a home, and start a family, then people will defect from the current system. It will be a serious risk factor for societal instability, as we can already observe.