It has become something of a cliché that the next generation is the first in history likely to be less well off than its parents. The same thing is said in all periods of prolonged economic pessimism, only to be proved spectacularly wrong. However dark it gets, somehow or other, the march of progress always reasserts itself.
Yet nothing is ever guaranteed, and there may be more reasons for such declinist thinking in Britain today than at any stage in the last century.
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