What Happened to the 20 Hour Work Week and the 8 Vacation Weeks?

A half century or so ago futurists and the popular press predicted that the proportion of work in our lives would be decreasing. Machines would do more and more, producing more and more, and so people could do less and less.

Machines are doing more and more, producing more and more. Why aren't people working less and less? What did the futurists get wrong?