Quality of life is down significantly for billions of people.
"Quality of life" down significantly? You provided no definition of the phrase, let alone any reasoning or evidence to support your opinion. I could easily argue that the "quality of life" has improved, or is the same in 2020, as it was relative to 2019, 2000, 1943, 1918, 1492, 30 AD, etc.
For example, consider the statement "what doesn't kill you makes you stronger" & to be stronger equals better "quality of life".
Quality of life. How is that measured? Does it involve more leisure time, more free time, more time free from the drudgery of that 4 letter word "work"?
Is "quality of life" measured in terms of having the freedom to do what you want? Or having more sex, more family time, more sleep?
Does "quality of life" speak of greater happiness? Or increased spirituality that one might obtain from being free to spend increased amounts of time in meditation, prayer, Bible reading, navel gazing, etc?