I think that the degree to which younger generations are "doing worse" is due to upbringing and work-ethic far more than it is due to opportunity. Today's younger generations start working later, work less, stay at home longer, spend a lot more time pursuing vanity educations with no economic value, have out of control spending habits, and are generally bad with money management.

And even then most "younger generations" live much easier and more wealthy lives than previous generations. They still have cable TV, the internet, cell phones, cars, prepared food, etc, etc, etc.

Every single person I've seen with drive, a good work-ethic, and sound financial sense has gotten ahead quickly in America, even if they never achieved any education beyond a high school diploma. That doesn't mean they all become millionaires, it just means they achieved financial stability and have significant control over their career path.