Considered one of the "huge" societal problems here in Japan as well. Of course, here in Japan they don't have the same recourse the US does... [well, they do, but... you know. Xenophobia, and all that.] in that immigration picks up the slack.
Many more details at the link.
Reason Magazine - Why are People Having Fewer Kids?:
"...total fertility rates (TFRs) are plummeting around the world. Population stability is achieved when each woman bears an average of 2.1 kids over the course of her lifetime—one for her, one for her male partner, and a little overage to make up to childhood deaths. Today, there are sixty countries in which TFRs are below 2.1.
...Japan's from 2.0 to 1.3... The U.S. TFR dropped from 2.55 in 1970 to around 2.1 today, largely because of the influx of higher fertility immigrants. However, the fertility of second generation Americans drops to the level of longer established Americans.
...instead ask why people are choosing to have fewer children? After all, voluntary childlessness seems to violate the Darwinian premise that our genes dispose us, like all other creatures, to try to reproduce.
...Modern societies offer people many other satisfactions and choices outside of the family. In particular women find that their time becomes more highly valued in occupations outside the home. There are no iron laws of demography, but one that comes pretty close is that the more educated women are, the fewer children they tend to have... And finally, the most profound event of the 20th century may have been the sexual revolution's drive toward gender equality, enabled by modern contraception. Unlike other creatures, people can have the fun of sex without the side effect of parenthood.
...the problem—according to happiness researchers, people don't really enjoy rearing children.
"Economists have modeled the impact of many variables on people's overall happiness and have consistently found that children have only a small impact. A small negative impact," reports Harvard psychologist and happiness researcher Daniel Gilbert.
...researchers have found that people derive more satisfaction from eating, exercising, shopping, napping, or watching television than taking care of their kids.
...Of course, that's not what most parents say when asked. For instance, in a 2007 Pew Research Center survey people insisted that their relationships with their little darlings are of the greatest importance to their personal happiness and fulfillment. However, the same survey also found "by a margin of nearly three-to-one, Americans say that the main purpose of marriage is the 'mutual happiness and fulfillment' of adults rather than the 'bearing and raising of children.'"
Gilbert suggests that people claim their kids are their chief source of happiness largely because it's what they are expected to say. In addition, Gilbert observes that the more people pay for an item, the more highly they tend to value it and children are expensive, even if you don't throw in piano lessons, soccer camps, orthodonture, and college tuitions..."
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