IMO this is a huge piece of it. People want to have it all, and things are structured where in order to have a decent income, you have to go to college. Then to pay off your loans and make it worthwhile you have to work a number of years. Then you have Madison Avenue telling you you need a fancy car, vacations, etc. You’re told you need to own a house to have a kid. You’re not even to zero by the time you’re 30, the same place prior generations were at 18.

That leaves a lot less years to have kids. Personally I started late just as in my example, and I’m very fortunate to have three kids, but I probably would have four if we had started a little earlier. If you subtract one kid from every family you basically get what we’re seeing.