This strategy works as long as there are more places (by volume) experiencing growth than decline. Since the trend is slower growth overall, there will be a point where global growth stops, and clearly then the strategy will start to fail.
Frankly, from a planet point of view I'd hope that point comes sooner than later.
This will play out in obvious ways (lifting retirement age etc) but ultimately the quality of life will increase overall until some sort of stable population number emerges.
In 2010 the same job could be done with 10 men holding machine guns. In 2030, we have drones. Humans need not apply.