The effects of the 1918 influenza epidemic were large and persisted for decades, as well. Marginal Revolution has a good summary[1]. Fetal exposure seems to have been a major factor[2], money quote here: Fetal health is found to affect nearly every socioeconomic outcome recorded in the 1960, 1970, and 1980 Censuses. Men and women show large and discontinuous reductions in educational attainment if they had been in utero during the pandemic. The children of infected mothers were up to 15 percent less likely to graduate from high school. Wages of men were 5–9 percent lower because of infection. Socioeconomic status…was substantially reduced, and the likelihood of being poor rose as much as 15 percent compared with other cohorts. Public entitlement spending was also increased.

My own daughter was born in late Jan 2020 so I think we dodged the fetal exposure issue but perhaps socialization impacts may be substantial (although at her age, her peers do not wear masks and some daycare providers have worn clear spit shields rather than masks; nonetheless I think she has socialized less than she would have a few years previously, but more than kids who don't go to daycare).

[1]: https://marginalrevolution.com/marginalrevolution/2020/03/th...

[2]: https://www.journals.uchicago.edu/cgi-bin/resolve?id=doi:10....