The standards of living are falling inevitably. The reason is that we had a standard that was too high to begin with. For about forty years, we lived in a way we couldn't really afford. Imagine it as a person spending all his money without caring for the fact that he won't earn as much in a couple of years. It's the same argument people in Germany use, that the Euro made everything more expensive. That is bull. The prices would have exploded any way around.
Aside from that, an unfounded demographic theory of my own says that the more countries we help to raise their living standards, the more foreign people will leave "our" countries.