"The only "solution", in my view, is a scaling back in expectations and "entitlements" towards the lifestyles that those 30's folks lived. In my recollection they didn't feel deprived, they worked hard but had relatively modest expectations in today's terms."

Absolutely true. It will be difficult to find back a "new normal" for us and our children. The world has changed so radically between the 30's and now, that it will be next to impossible to even estimate what standard of living can be considered as "acquired". Productivity is so much higher than then, but the earths' resources are so much more depleted.