There is also a plausible mechanism of action, intelligent people tend to get an education proportionate to their intelligence. Educated people have ridiculously low birth rates. Intelligence is heritable.
Just like conservatives will have to overcome their global warming denial, those of the progressive tradition may well have to start accepting what cognitive genomics is making increasingly obvious: intelligence is hereditary and this has policy implications.
Should it prove to be a genetic decline, we have solutions, such as embryo selection, in the wings that can work now with little research. This will get us ~3-8 IQ points per generation:https://www.gwern.net/Embryo-selection
Iterated embryo selection and genetic engineering will be able to offer much more, several standard deviations in multiple traits simultaneously.
But we cannot repair problems we refuse to look in the face.