From Tom Cooley and Peter Rupert:
A familiar refrain from the early 1990s is making a comeback: that the children of this generation will not be as well-off as their parents. The labor market has been hobbled. The duration of unemployment has reached unprecedented levels, and unemployed workers in certain age groups face the prospect of never being employed again. If all of this sounds grim (and it is), consider the possibility that this may be as good as it gets.
More here, including some first-rate charts.
For what it’s worth, I’m less pessimistic. I think it’s as likely things return to something like the “normal” of the last fifty years as that they change for the worse. As Yogi Berra — and others — remind us: “Prediction is hard, especially about the future.”