In many ways this is a superior alternative. Children don't work. They used to. People spend a lot more time in school at the beginning of their life when it has the potential to have the biggest impact. It's not all bad. Although not quite living up to the dreams from 20th century either.
There's also something to be said about positional goods. A lot of people are driven by status and they work to be ahead of others. Elizabeth Warren believes that this explains why, despite technological progress, regular middle class family needs two incomes where one was enough a couple decades ago[3], they're competing for the same house, or school district. It doesn't explain everything but it's a factor.
[1] http://www.economist.com/news/finance-and-economics/21600989...
[2] http://equitablegrowth.org/2014/08/18/equitable-growth-make-...
[3] http://www.amazon.com/The-Two-Income-Trap-Middle-Class-Paren...