Could be. Here's what I think and it may not be PC. IMHO our current problems go back to the end of WWII. Through hard work, sacrifice, common goals, luck, and determination our country emerged as the super power. We were in an idealitic period for us. No competition and super demand for everything.
Over the decades we seemed to have taken our circumstance as a right. We also seemed to get fat and lazy. We are kinda like the addict that says they are in total control and can quit anytime. We are addicted to our stuff and our way of life. We consider it a birth rite.
I, myself, saw this coming with the signing of NAFTA and other treaties. Free and open markets are going to put downward pressure on the highest standard of living in the labor class. If the labor is cheaper elsewhere the cost has got to lower here or the job will move. Also, as we learn more we can produce more with less labor. This, again, results in lower wages.
I don't think a college degree can trump the power of the market. I do forsee that our average standard of living will have to balance out with our competitors standards of living. I do believe there will be more pain to come for most Americans and I think the only way out for them is to work longer for less money.
The only safety net I see is to be able to write you own rules and to live with your choices.