Reminds me of that delayed gratification experiment with the kids and chocolates, except instead of eating the 2x reward the kid will then hold off for even more (for their whole life)!
Yes, this is one of those ideas that keeps me up at night. When I'm looking at this system in aggregate, I become aware that we're racing toward asceticism. Me and the person next to me are competing in what we can do without. Even more disconcerting is that as soon as we reach a new equilibrium of austerity someone will find a new way to jump ahead with another form of self-denial. Or in other words, those who live in excess are meant to be punished. It's completely absurd. I'm lucky I fall asleep before continuing too far down this path of thoughts