[jodrellblank]

Increasing supply requires increasing the usage of raw materials

Recycling exists; Planet Earth has been doing it with organic matter for a couple of billion years without running out.

[JohnFen]

Recycling is not a solution at human time scales, because it is lossy. Recycling is a way of delaying depletion, not eliminating it.

And you're ignoring that we're talking about growth capitalism here. Here if recycling were perfect, if growth continues indefinitely then a point will inevitably be reached where demand exceeds the amount of supply that exists, recycling or not.