The concept of "elite overproduction" is very relevant here. Essentially, more aspirants for elite positions than there are slots, mixed with a declining standard of living.
Personally, this tends to lead to psychotic depression as one's aspirations are effectively slowly drowned. Socially, this isn't a good thing since lower-elite strata dis-integrated from wider society tend to be the ones who start violent revolutions. As a minor example Occupy Wall Street was in no small part driven by out-of-work grads with no realistic shot at the mainstream elite career they were preparing for.
Personally, this tends to lead to psychotic depression as one's aspirations are effectively slowly drowned. Socially, this isn't a good thing since lower-elite strata dis-integrated from wider society tend to be the ones who start violent revolutions. As a minor example Occupy Wall Street was in no small part driven by out-of-work grads with no realistic shot at the mainstream elite career they were preparing for.