Half the global population lives on less than $7 a day. I admire your optimism, but it's perfectly possible to keep large swathes of people living in abject poverty.
$7 a day is a step up from the olden days for those people. They're pleased with that.
$7 a day would be a step down for first-world (and second-world) economies. I think people would be very unhappy. Very very very unhappy.