right now. But wages have been in decline for 30 years. A little mis management is one thing (Mitt Rhomney was famously so broke at one point he had to sell the stocks his dad gave him to make ends meet :P ), but we're getting to the point where it's impossible to "work your way through college".
For one thing, when we say "Wages Adjusted for Inflation" we mean inflation as a whole, but the cost of food and shelter (what college kids spend most of their money on, jokes about Ramen & Natty Lite aside) have gone up much faster than inflation. The sort of job you can hold while in College is gonna pay $8-$15 an hour depending on where you live. I know ppl at that income level working part time because the economy sucks and they made mistakes. They're not making it, and somehow I doubt the added expense/stress of school would help them, especially after they graduate with $150k in loans...
If you're one of those super humans that doesn't need sleep and can go to class and the work 8 hours then spend 8 hours doing homework you might make it. Everyone else will just drop out. The consoles tell you this when you apply, and a lot of the big majors (Math, CS, MIS, Medical) won't take you if you're working full time.
What sucks is we're so much more productive, you'd think we'd be working less. But why the hell would we give anything to anyone if they didn't "work" for it?