A working man can still support a family of five, buy a house, a car and a vacation once or twice a year. He just needs to be realistic.
House: you can still find houses with plenty of room for ~$100k. It just needs to be in an affordable area: think McKeesport, not San Francisco.
Car: for $5k you can get a 2005 Ford Focus or Honda Civic. They're reliable cars that will get you from A to B perfectly fine, easy to repair and fuel efficient.
Education: a Computer Science degree from WGU costs $18k for the average student, and can be as low as $4k if you accelerate.
Career: plenty of remote software jobs paying above $100k, which can fund a good life in most of the US.
I get it though, the average person wants a nice house in a wealthy area with good schools and low crime and two new cars and gets a degree from a school they can't afford in a field without high paying jobs, and they cannot even code. That's completely their fault, no sympathy from me.
For those people, there's an easy solution: just don't have kids. Kids are crazy expensive, and not required for a good life.
I hope what you say is true- mass retirements followed by a plummeting birthrate. We surely do not need so many people, when the overwhelming majority are useless. Robots will be here soon anyway to replace most of the workforce