Comment Re:Why is slashdot posting these garbage articles? (Score 1) 118
But that is a weak causal story compared with the much more direct variables everyone is living through: housing costs, wage stagnation, student debt, childcare costs, healthcare costs, delayed household formation, and wealth being increasingly captured by the top of the economy
That analysis is utterly wrong. Far, far worse than the smartphone theory.
It is, in fact, the almost exact opposite of the truth. The truth is that wealth is what causes fertility decline. Wealth and female education, actually, which come hand-in-hand. This story is strikingly visible everywhere around the globe. As a population becomes wealthier and its women become better-educated, fertility falls. Without exception, and the effect is so powerful it overrides culture, religion, everything.
This is the primary driver in the US, too. In fact, wages have not stagnated, not when you look at the full picture including government transfers, and every generation is wealthier than the one before. Somewhat surprisingly, given the current housing price bubble, each generation even has higher home ownership rates than the previous generations at the same ages. Houses and apartments are also significantly bigger and more luxurious (which explains most of their higher prices, actually; do some comparisons on a per square foot basis over time, then adjust for the higher quality and greater amenities we have today).
But if you look at how Americans spend their money over the years, the biggest change you'll find is that we spend less on housing, food and clothing as a percentage of our income (in spite of bigger, nicer houses, far more restaurant and delivered food, and much larger wardrobes) and much more on entertainment -- and that in spite of the fact that entertainment has gotten dramatically cheaper.