No it isn't, and it might never be, not in our life times anyway. It depends how much of the world you want to simulate.
What do you need a 128 GHz chip for? Are you modelling turbulent flows in fluid dynamics, or do you just want prettier graphics in your games?
I'm sure we all want to approach holodeck style realism one day, but for most tasks the current systems are probably more than powerful enough.
People adapt a lot more slowly than computers. We still get people asking us for 'minimum system requirements', or what PC should they buy to run our software, when in truth for all but the most demanding applications any computer under 5 years old will do fine.
I'm still using a Core 2 Duo 6300 from 2006 as my development machine, just with rather a bit more RAM now than what it started with.
What we really need is a way to actually make full use the capabilities of the systems we have without all the 'bloating' that has gone on. We have mostly just adapted to faster computers by creating more inefficient software, which leaves us roughly in the same position we were a decade ago in terms of responsiveness.