I've been trying to tell people that for the last couple of years - since I read Lord Desai's "Marx's Revenge". Have you read it?
The Social Democratic and Labour parties of the 20th century, by being inspired by Marx, actually succeeded in turning back the ticking clock on the achievement of the omega point implicit in Marx's study of capital and capitalism, which you've so succinctly summarised.
After Marx's death the Social Democratic movements, while espousing socialist dogma, set about very effectively securing the sort of social improvements Marx said were impossible under capitalism. The 60 hour, 50 hour, 40 hour 37 hour week; paid holidays; heathcare; social housing; unemployment benefit; old age pensions etc etc. No condition of alienated destitution for the workers to rebel against. Dictatorship of the proletariat recedes...
All the while, to maintain the capitalists' rates of return, hand in hand with productivity improvements we see the triumphant rise of consumerism and its guardian angels of marketing and consumer credit. Nevermind the fact that there is no endpoint to the upgrade cycle on your car/TV/phone/whatever - you get to pretend that you're aspirational, you get to appear to believe you're on the up escalator - but in fact, you can't help but have the nagging feeling that you're just livestock to be farmed by the subscriptions you think you choose to take out because they reflect what you believe to be the lifestyle you've allowed yourself to be conditioned to assert that you deserve. Nevermind that! It's important to have a nice car/TV/phone/ whatever - it's the way you keep score in the ongoing lifestyle competition against your peers! You're not having the excess value of your labour stolen by capitalists in exchange for worthless short-lived tat! No! You ARE a capitalist - you compete (same thing as capitalism innit) don't you? Your drawer full of obsolete phones, cameras and MP3's proves it, as does the shed full of old computers and TV's.
It seems to me, that if the herds of 'consumers' were encouraged to take a good look at their lifestyle subscriptions, they might decide that they don't really need so much stuff. They might decide that they don't really need to work all of those 37.5 hours. Maybe they can fulfill their real human needs for food and shelter and a bit of entertainment and socialising with as little as 15 hours work (per Keynes! Jam today!).
I hope that this is the phenomenon we are seeing with the rise of part time Britain. A more social (not necessarily socialist) Britain, a slower, quieter, more considered place. Is that the "Big Society"? Am I a "Red Tory"?