It's false because many of the specific material luxuries currently enjoyed by all Americans, even classes with the most revolutionary potential, will be curtailed as imperialism crumbles, and we more fully engage with the realities of climate change. Even though life in general would improve, the loss of those specific luxuries provided by imperialism/endless extraction/mindless consumption will be perceived, potentially, by those revolutionary classes as a partial decline in the standard of living. Discussion around things like excessive meat consumption, goods produced by the stealing of rare earth minerals from the periphery, etc, are relevant, as are the rhetoric around them, as we look towards the future. Refusing to acknowledge that reality is looking at the entire situation from a purely theoretical lens, similar to a hermit.
Yea, I'm sure its a solid foundational text. I haven't gotten around to it. There's a quite a few other texts of theory and critique that are also fundamental to the theory and practice of communism.