Read the article and there are a few inaccuracies including the need to "renew a license". As a pilot, aircraft owner and have a small business at an airport, I can confidently state some costs have risen over the years, mainly fuel, new airplane cost, rental fees. However some have remained the same or actually have fallen; hangar rent is about the same as a decade ago and my insurance is actually cheaper, used planes are about the same cost.
I don't agree cost nor legislation is the main issue; it is interest and initiative from younger persons. No one hangs out at the airport like they did in the past. The same week I landed a full time job out of university I signed up for my training. Three months later I had my license. Instead of running out and getting a new car and a new payment, I started flying. I still think it can be done in a similar fashion if there is interest and initiative.
I also don't agree with relaxing the rules to let people fly without a medical; it just isn't that big of a deal (or cost) to go for an exam every couple years. A rule change like this will not get new younger people flying, it will just extend the time for older people to legally fly. BTW, if they really want to, the older folks will probably fly anyway medical or not.
Not certain how to fix it, but I'm not buying the cost and legislation excuses.