If you're living near Malthusian equilibrium, there's probably no smiling involved. Not even the poorest people on Earth are usually living close to that point. In fact, I'm not really sure any modern humans ever have.
You seem to be interpreting Malthusian equilibrium in an odd way, as being at starvation or something. An equilibrium is simply when the population is not growing, when deaths equal births, with many possible permutations and variations. Why aren't the poorest people either currently or historically at equilibriums? In Farewell to Alms, Clark cites examples of how societies can raise per capita welfare in an equilibrium through methods like infanticide (China and the Polynesian islands) or poor sanitation & public health (England).
I could be wrong, but my understanding is that a specifically Malthusian equilibrium attains only at carrying capacity. Though it would be interesting to argue that human carrying capacity is multidimensional and so can be reached without starvation. That's a different argument, though.
I was browsing my RSS feed, as one does, and came across a New York Times article, "A Village With the Numbers, Not the Image, of the Poorest Place", about the Satmar Hasidic Jews of Kiryas Joel (NY).
Their interest lies in their extraordinarily high birthrate & population growth, and their poverty - which are connected. From the article:
From Wikipedia:
Robin Hanson has argued that uploaded/emulated minds will establish a new Malthusian/Darwinian equilibrium in "IF UPLOADS COME FIRST: The crack of a future dawn" - an equilibrium in comparison to which our own economy will look like a delusive dreamtime of impossibly unfit and libertine behavior. The demographic transition will not last forever. But despite our own distaste for countless lives living at near-subsistence rather than our own extreme per-capita wealth (see the Repugnant Conclusion), those many lives will be happy ones (even amidst disaster).
So. Are the inhabitants of Kiryas Joel unhappy?