When I started flying 20 years ago in Newport News, VA, I could rent a C152 for $52/hr wet. Today, in St. Louis, that same class of airplane is dancing all too closely to $100/hr. Get into anything with any decent amount of performance and IFR, and you are lucky to find it for $120/hr here. That is an awful lot of money for a 'hobby.' Doing a quick bit o' math, if I wanted to fly 6 hours a month, what I would consider a MINIMUM number of hours just to stay somewhat proficient (and not even get better... just to stay proficient), that's at least $600 a month. That is a really nice car payment. That's groceries. That's a good chunk of a mortgage payment. In short, that is a lot of money.
Over the course of a year, that is $7,200. Just to remain proficient. In a hobby. That's a serious amount of money for just about anyone in the middle class.
Something I have been tossing around is purchasing an aircraft to help defray some of the costs of getting my PPL, IFR, (potentially CPL, depending on the aircraft), and CFI/I. The market on used aircraft is great right now... a decently outfitted C177RG can be had for around $40K. There are hundreds of smaller birds for not much more than $18K, if you don't mind something fairly old and with a TON of hours. Financed over 20 years, the payments on a $40-50K aircraft are very manageable.
Until all the rest of the stuff comes in. Hangar/ramp. Maintenance. Annuals. Maintenance. Upgrades. Maintenance. Insurance (esp. for low timers). Maintenance. Fuel. Maintenance.
Unless some things get changed, I don't see how GA can make it long term.
Cue the folks here that really wouldn't mind GA going away anyway. Burden on the system and all.