Going up or down?

Where is the under-45 generation going economically? I don't know how often people in the US discuss this issue but I find that here in France, this subject can really set off a fire storm of debate. (I should note that in general the French love to debate just about anything and everything with strong emotion, but this is really a hot one with my friends.) Older generations had a growing economy, purchasing power and relative stability with work, not to mention benefits (retirement, health care) that have changed radically more recently for workers. With the baby boomers starting to join the ranks of retirees, the economic impact has now arrived.

So is this just a case of "things were better in the old days" or is it the reality of the under-45 generation that we will have to make do with less? Read on and debate.