Late Stage Capitalism
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And now that is happening in capitalist societies.
We have many decades to go until our common people are as poor as they were in the soviet union (at least in countries that were on the capitalistic side of the iron curtain), though that does seem to be the general trajectory. But soviet poverty went beyond not being wealthy - there was always a very distinct risk that the local store was out of basic necessities, and I really don't think this is going to be common in most western european countries in this century.
I do hope many writing in this thread are not American, because if you are and this is your attitude, you are scheduled for bad wake up call. Please, study fascism and authoritarianism in depth. Hanna Arendt is a good start.
Note how I wrote "most western european countries". The USA is on a pretty bad trajectory, but there are 27 countries in the EU and only one country in the USA. In fact, the USA are not western european at all.
"in this century"
That's where you're wrong. It's coming for us fast. Especially in the USA. Water availability is becoming a serious problem