Reconciling low wages with high technology and high education This is one example of many recent doom storied prognosticating that the "millennial" generation will be the first in (recent) history to experience lower incomes than their predecessors—at least in western societies like the UK.

How can we reconcile the idea that millennials will earn lower wages with the observations that


millennials work with better production technology than their parents did
millennials have enjoyed higher levels of education/training than their predecessors, and are therefore presumably more productive?
Possibly it is because of the better technology that they will receive lower income. 

When there where fewer programmers/engineers/whatever, these individuals could typically expect high salaries due to their scarcity, compared to today, where you can hardly go outside without bumping into about two programmers and five web devs.

This means that highly-qualified individuals may not be able to find jobs relevant to their qualifications at all, even if they are willing to accept substantially lower salaries.

This may seem more focused on jobs requiring higher qualifications, but that may be one of the big factors here, especially when it comes to averages.

In summary, could it possibly be that we have an over-supply of well-qualified individuals? (This may not apply to all countries or industries)