At current rates of garbage production, it would take all the U.S. garbage 1000 years to fill a hole 35 miles on a side and 100 yards deep. However, landfills are increasingly difficult to site because of public perception of the risk of living near a landfill. There is no shortage of raw materials. The reasoning here is that if raw materials were in short supply, their inflation adjusted price would be going up. Instead prices are falling, therefore there is no shortage.
Packaging is smaller, thinner and lighter.
Whether inspired by the Reduce, Reuse, Recycle mantra, or by costs, packagers now use less material than they did even a decade ago. Also, much of the material they use is no longer 'raw', it is recycled. For example the renaissance in the U.S. steel industry came from the growth in mini-mills that process steel scrap instead of raw ore. There are no markets for recycled materials. The volume of recyclables sold has increased steadily in domestic and foreign markets, even though prices have fluctuated.