Increasing productivity is toxic to wages and employment.
Wages have stagnated in the US for decades. It has nothing to do with profitability. It has to do with corporate greed.
Growth is a myth. Ongoing growth is unsustainable and unecessary. We do not need continuous growth, we need stability. The attempts to maintain continuous growth leads to mass layoffs for the sake of shareholder dividends, environmental destruction and international conflict.
The situation we are currently in is because of the attempt to maintain continuous growth. We have reached the maximum growth possible and there is nowhere to go but down from here. Older generations are receding and younger generations are not reproducing as much. This is late stage capitalism. The system is feeding on itself because there is little else for it to feed on. The best the average person in developed countries can hope for is not growth at the individual level but maintenance of our current status.