If you define the "collapse" as doing better than your boomer parents, yes, current generations have it harder and the cost of living is much higher. Boomers were absolutely spoiled by high wages, tons of benefits, pensions, robust health options and plenty of income options with a low cost of living (either rent or mortgages). Other than that, buck up junior and start working two jobs like the rest of us.

Sadly, yes. While the fiat system may never "collapse" because governments can always print more money, the quality of life for average Joe will, just like the purchasing power of his savings and salary.