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Wages have dropped and won't catch up until 2021

How's this for the New Normal?

Our income has fallen since the new millennium began and it isn't expected to catch up until 2021, according to a Wall Street Journal survey of economists' forecasts.

And in bad news for students, not even a college degree is going to help much, some of the 50 economists surveyed believe. Only people with advanced degrees will see any meaningful increase in their standard of living.

The current generation of college graduates will only see a higher standard of living if "they get graduate degrees and are willing to give up a lot of free time," Diane Swonk of Mesirow Financial told the Wall Street Journal.

The good news is that most of the economists surveyed think the current generation of college grads will have a better standard of living than their parents. But more than a third think the opposite.