In the economy of ten or fifteen years ago yes. At any time we could both lose our jobs and we would not make it. We could make it now.
We are already frugal.
You figure it out. It is no more difficult than it was in many periods of history and a darn sight easier than in most.
All the arguments are simply excuses as to why it is better have things as opposed to a child or several children.
Everyone has their priorities in life. Most people today have decided that having children, or at least more than one or two children, is not what they desire. It is not a priority.
Multiply that by millions of individual couples and the demographic trend shows as a declining population.