His point is, the material standard of living is low as ever or even lower. This surprises people, but the bare necesities of the lowest level of maslow's heirarchy of needs are now more expensive than they have been in a long time.
Just look at the cost of shelter. Housing costs sooo much more than it did 50 years ago or even 200 years ago. During the time of Henry david thoreau, an average house cost 800 days of unskilled labor wages (meaning 800$, the average unskilled worker made 1$ per day). Today, it's over 5000 days of unskilled labor wages when you take into account property taxes. the difference in shelter cost is so enormous, that back then 1830s, mortgages were often just 10 years. And thoreau thought even that was too much.
