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No, I don't think it's _that_ bad. Maybe a good comparison is with the UK circa 1920. The empire is in steep decline, other powers are on the rise. But during that time the UK was still one of the better places in the world, just not the center of it any longer.

True, there are many opportunities but in my experience the trend is pointing to fewer opportunities, more competition and less money to be made even by the most talented. Here's an interesting post by Kent Beck who is finding that it is more difficult to make a living from his craft: http://www.threeriversinstitute.org/blog/?p=231

I second that. I am a business marketer and I have seen my clients increase paying for marketing campaigns during this recession, so some industries benefited from the recession.