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Is a declining birth rate a bad thing? 50 million people live in a country (South Korea) the size of Indiana. Maybe, just maybe the economy should just take a hit for a change so there can be fewer people here. I know rich people don't want that, but I bet the country would be a better place for it.
Korean here. The problem is the steepness of the trend. We are not ready for such dramatic change over short period. Gradual decrease in population will cause economic downfall for sure. But we can deal with that. But in current speed, it's going to be economic airplane crash. Claiming that it's only bad for the 1% is just delusional at best. The crash will overwhelm any social/economic structure.
I've noticed some people here practically yearn for disasters because it might hurt the rich. The absolutely staggering collateral damage to everyone else is ignored or waved away. It's very much a desperate "nothing left to lose" philosophy that's both sad and scary.
Multiple generations have had all the doors slammed in their faces, and all the ladders pulled up before them. Instead of acting like crabs in a bucket, they've decided they would rather have nothing so long as the people who trapped them suffer too. It's pure spite but can you blame them? I'd probably do the same thing.