It's a bit long-winded, but well worth the read. Since 1948, American productivity has doubled. This means that we could produce the same output as we did in 1948 by only working 4 hours a day.
Anyone reading this work only 4 hours a day?? Anyone? Didn't think so...
The author presents that we've essentially put ourselves on a treadmill, where each increase in productivity is met with a corresponding increase in consumerism, so that we've effectively gone nowhere. In fact, I think the situation is far worse: in 1948 you essentially didn't see (married) women in the workplace. Now it's rare to find married women at home. So not only has per-worker productivity doubled, the workforce has practically doubled as well.
Yet what we all really want isn't more money to spend on more crap we don't need; it's more time.