The problem is that we suck at allocating productivity. For example, we produce enough food for everyone but don't distribute it half as well as we should, so people still starve while food rots somewhere else. We waste resources propping up a whole host of parasites that add no value to society, such as famous-for-being-famous celebrities, advertisers, speculators and redundant managers, while underpaying the people who actually produce wealth. And we want a brand new iPhone every year, a brand new car every two years, etc, and by and large don't recycle. We're wasteful.

Most of the actually important and time-consuming work is automated already. If we were smart about what work we do, an 8-hour work week for everyone would be more than possible. But we are so inefficient with our productivity due to warped priorities that most of us barely scrape by as it is.