That's cute and clever sounding, but no, it's not true.
Capitalism has raised living standards dramatically since it's introduction. Before capitalism economic historians using proxy data has estimated that 99% of humanity throughout history lived on the modern equivalent of $2-$3 a day. In other words, crushing, subsistence level poverty. The kind of poverty where you and your entire family work all day every day just to survive, forget savings or recreation.
The people who criticize Capitalism don't realize it, but that's what they're criticizing. A system that ended that hell.
Capitalism does this by creating incentives for being productive. This causes productivity and efficiency to rise to the point that there is enough goods and services supply that prices are driven down. Things that were luxuries that only royals and aristocrats could afford instead are now everyday items.
As to the second half of your statement, you are, first and foremost misusing the term Communism. Communism is a stateless, moneyless arrangement so the entire statement simply doesn't work.
What you probably mean is Socialism. This is what the USSR, Maoist China, Pol Pot's Cambodia, Castro's Cuba, and North Korea ran/run. This gets confused because these people implemented socialism for the purposes of SOME DAY going communist as Marx predicted would happen. No one could figure out how to make Communism work. But they CALLED THEMSELVES Communists because that was their aspiration. Nonetheless, socialism was what they actually implemented which is government ownership and planning of the economy.