Dick and W.H.,
I do believe that these factors, the economy and demographics, as they relate to golf are on the upswing. I haven't read the entire WSJ section, but I think I saw that some in the industry are not predicting very good conditions until 2008. Personally, I am more optimistic.
In regards to the game being real hard for most people, I fully agree. However, I don't agree that new technology is the answer nor the problem. I fall into the camp which believes that the tech race has helped those people who need the least help, causing the gap between the really good players and Average Joe to widen. However, if AJ believes that a 983K with a spined Fujikura ($350+) and ProV1x balls helps his game, I say all the more power to him.
In terms of the game being too costly, in inflation adjusted $$$ in most US markets, I don't think that this is the case any more so than it was in say, the early 90s. One can buy a premium set of clubs, bag, and balls for under $300 on eBay today. Near many population centers, there are a variety of courses in the $20 - $50 range. We have a number of practice facilities with a monthly charge of $30 plus deeply discounted green fees at associated courses.
In terms of building difficult courses, there are also a number of young architects today who are building high quality courses on tight budgets which are also highly playable and not overly expensive to maintain. In my own neck of the woods, Jeff Brauer and John Colligan have done some excellent work along these lines.
Finally, as noted in the WSJ, us baby boomers will be retiring in force soon. Contrary to popular belief largely reinforced by the media and special-interest activists, we are living much longer, and for the most part, are healthier and more active. Golf, unlike tennis, is something that we can do relatively well into our 70s. And with WalMart and a bunch of cost-sensitive golf courses to employ us partime to supplement our "generous" compulsive govt./social security retirement, we may not be playing Pebble Beach, but perhaps we can settle for Wild Horse, Rustic Canyon, or TangleRidge.