this is kind of reductive claim. in one sense, it's trivially true that the earth has more raw resources than humans can consume even over the course of centuries. AFAIK it's also true that, under the current system of organization, the global economy produces enough finished goods to feed, clothe, and house everyone (though people often bring up logistical caveats here, eg, distributing stuff in places where there are no paved roads or airfields).
the real question here is whether we would still have that quantity of finished goods under a different system of organization with different incentives. to be clear, I don't discount the possibility that we might have even more! but it seems more likely to me that people would simply produce less stuff if they didn't get to keep the surplus by default.
Of course people can keep the surplus. Some of it. But we're a far, far cry from the point where people will stop working when only getting a percentage of their labor's worth (or their parent's labor's worth, as is often the case).
some caveats apply to this offhand quip (very different tax laws and perhaps even widespread evasion meant almost no one was paying an effective tax of 90%, regardless of actual income). I suspect you know this.
I'm sure there's a lot of slack in the tax brackets. I doubt we are close to a laffer curve inflection point. all I'm saying is I'm not convinced by the style of argument that goes "we already have enough food for everyone; we just need to radically reorganize the economy and then no one will go hungry!". more analysis is needed.
Over 20% of the money in circulation in the US was printed last year. i.e. the pot is much bigger now. Also, while tax rates were high back then, loopholes were proportionately larger!
The kind of poverty where you starve and have to wear rags is becoming rare even in Africa. From this point of view, the system has clearly worked and the pendulum even went too far, with obesity becoming a serious problem in places that aren't typically considered rich (Mexico, Brazil).
Housing is a different problem. We have a housing crisis because many people want to live in a few select urban hotspots of the world.
What you call incentive is really compulsion, just of a more extreme form.
Perhaps you find that defensible, perhaps you find that appalling, but argue that position, not one that isn't true.