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We noticed the dropping fertility rate as far back as 1935. The US government noted, with horror, that the fertility rate had dropped in 100 years from 7.0 to 2.1.
Since then, we've been steadily dropping, augmenting our fertility rate with increased immigration. But, that's a short term solution, as immigrants usually drop from high-count families to 1 or 2 kids within two generations.
Simply put, kids are an expensive hobby with no financial upside in an industrial society.
And with every current generation, it's going to get smaller and smaller until, within 40 or 50 years, there just won't be enough workers/consumers to maintain the capitalist/economic system of most of the industrialized world.
Can't wait to see what happens then.