Part of the problem is the cost of toys. Modern technology makes a lot of toys and opportunities available that were not an option 50 or 100 years ago. It used to be a radio, a record player, or a colour TV were the height of technological options. Families if they had money, had one car. Today, we have cellphones, computers, iPads, internet, DVD-BluRay players, multiple flat screen TVs, Netflix, two-car families (or more), microwave and food processor in the kitchen; where places like the Poconos, Atlantic City or Cedar Point became big as the destination of choice for average vacationers decades ago, by now we fly half-way around the world, or to another continent, for vacations.
To pay for this level of tech, we have seen a major demographic shift - very few women are stay-at-home any more, most couples both work.
I even attribute the recent mortgage meltdown to this “problem”. (Note I’m not complaining that women working is bad… au contraire). The cost of basic housing has slowly risen as the typical couple can pay more and more. This contributed to the continual rise in house prices that culminated in the bubble and meltdown in 2008.
When the couple both work, there is a massive amount of extra disposable income. With that disposable income, come the toys, the expensive house, the luxury model cars, the expensive vacations.
Add to this the loss of income implicit then when a career wife needs to take time off to have a child. Then there’s the additional expenses - either one spouse takes a work hiatus or they pay (expensive and hard-to-find) daycare. Activities like vacations become that much more expensive and inconvenient… etc. (OTOH, countries like Russia are even worse off demographically - having NO money and trying to live a middle class lifestyle is an even bigger incentive not to increase your long-term costs).
In the third world, children were the way to support yourself in your old age. In most western societies, savings, pensions, and government old age security payments take care of that instead. We’ve all heard the dire warnings - when old age security was dreamed up, there were 10 workers supporting each retiree. By the time the baby boomers are well into retirement, there will be 2 to 1.
Mao had to decree 1 child per family to curb Chinese (third world at the time) population growth. Middle class westerners are pretty much taking care of that problem without government decrees.
Fortunately, unlike some european countries, North America still attracts and allows a huge amount of immigration. This to some extent compensates for the demographic bust; but to the consternation of the futzy traditionalists, the ethnic mix is not the same as “the good old days”.
So to the OP, the issue is not that we let in too many immigrants recently. The issue is that we don’t produce home-grown population at the old rate; and the immigrants take a generation or so to adopt that attitude of restraint. And, of course, unlike the very very old days where a lot of the immigration was from northern Europe, the new immigrants are more visibly “new”.