Then let's ask the question. What are the medium (5-20) years and long (100 years) consequences of such crippling in your view? I am not an economist so any insight from an expert would be good.
Long term... depends? Maybe people figure out a different mechanic to drive growth and re-orient. Maybe people abandon growth as a goal and shift toward a steady-state model (this would be interesting, but would have big global power implications unless every nation signs on). Maybe people suffer for a bit before rediscovering how powerful consumerism is as an economic engine and get back into it for a while until the costs start catching up to them again.
As the foremost expert on "my view", you can depend on these predictions to capture with total accuracy what I believe to be the crippling consequences mentioned earlier.
Consumerism, over-consumption, and the economic growth these behaviors drive are impossible to eliminate without crippling the global economy. But I think there actually is a way to have our unlimited cake without toasting the planet, it just requires us to divorce the concept of value from physical items (or increase the fidelity, and thus value, of digital items). This is already taking place, with the data economy being the obvious if controversial first step. Similarly, I see the explosion of digital marketplaces and microtransactions within social and mobile gaming platforms as another example of this concept.
There will inevitably be externalities to a shift toward primarily virtual consumption, but I don't think it's unreasonable to imagine compelling virtual products diminishing the draw of many physical item, along with the need for infrastructure to support their production and dissemination.