There is one more choice that could easily improve everyone's standard of living. Tax the rich. Which isn't realistic because politicians across all large parties are in the rich people's pockets and, on top of that, the rich own the media, so they can manipulate public opinion. Not that they would have to do much manipulating, this is a western world problem, everyone has been fed trickle down bullshit propaganda for decades.
The trickle down propaganda is a western world problem, because that's where the ideology of trickle down originated from and therefore has been most prevalent.
Maybe in that particular form but the more general idea that rich and powerful people got there because they deserve to be rich and powerful and if we prevented them from getting rich and powerful it would negatively impact all of society is certainly not an exclusively western idea.