What the Future holds

I wonder, with the current state of things, will our children be less off then we are today- hell, will I end up being less off then my parents?

Could we be entering an era where prosperity for the middle class is a thing of the past?
I worry that my son will not be able to have the same advantages as I was offered. I know that I am still fairly young, 27 and all, but now being in the workforce and seeing how the economy is treating some of my peers, I could honestly see how the prosperity that my parents have enjoyed would not be an option for me and my family. As I contemplate my future law career, I wonder if being a lawyer will amount to offering a successful and comfortable life as it once did. I have watched as a bachelors' degree was diminished to the equivalent of a GED, and a Masters gets you as far as a high school diploma, so what will a law degree be able to afford me? Jobs are constantly asking for more experience and education with less and less pay.
And the people who get those advanced degrees are finding that they have expelled all this time and energy on gaining training in a certain area- only to get a job that will not cover the student loan they incurred.
So, I ask again, what is in store for my child? Will he have to earn 3 Ph. D's just to make ends meet? Will he even be able to pay for college with the current bailouts hanging around his neck?
This makes me very nervous.