The recession is cutting fertility in the USA

I quote from an article in The Economist:

(I)n 2011 America’s fertility rate was below replacement level and below that of some large European countries. The American rate is now 1.9 and falling. France’s is 2.0 and stable. The rate in England is 2.0 and rising slightly....... 

(M)igrants often cannot find work and go back home. Since they tend to have slightly larger families than native-born citizens, this reduces fertility....... 

In 2011 the Pew Research Centre asked 18-to-34-year-old Americans about their reaction to recession: 22% said they had postponed having a baby and 20% said they had postponed marriage as a result.

There will be a long term fallout from this reduction in the number of children being born. There will be some benefits as schools will be able to have smaller classes for a while and young adults will be able make more money outside of the household. However, there will be a long term impact as adults today leave the workforce for retirement, there won't be as many young workers coming into the workforce, nor so many contributing to Social Security (and thus exacerbating the problem of solvency of social security).