The simple explanation is that there is no local "cost" to doubling your household's income. The only thing you "pay" is to have fewer children. As smaller households become more competitive, average costs rise and the only way to stay competitive is for other households to also stay small.
Looking at world-wide graphs and it's extremely worrying - many countries are completely upside-down and over the next 25-50 years as the elderly die, these populations will crash.
IMO governments should have started doing something about 20 years ago if they wanted to keep things on-track, I suspect the children of today are just going to have to suffer the consequences of a large population decrease.
It's certainly plausible that this is all for the best for Earth's sustainability, but I expect the coming years to be turbulent nonetheless.