I can't be sure it's morally acceptable to bring a new life into the world just to struggle until death.

That has been true for just about everyone throughout history.

the game changes yet again and you get knocked back down to the peg you started on.

People in the developed world not having kids is part of how they 'win' the game.

The reason boomers were able to demand so much is because, as the name implies, they're a big fucking cohort. They were politically influential from the time they could vote. Keeping birthrates depressed and shipping in cheap foreign labour is how those with power keep everyone else powerless.

It's a weird situation, but the way to improve living standards for future generations is to... have future generations. Even if you don't feel like you can entirely support them now.