GA is overburdened with bureaucracy and is seen as a cash cow in many places. When I started flying (ok last century) GA was seen as an essential service/industry in a vast huge country, the same way as buses are in big cities.
Over the decades it has become to be seen that if you are in GA you are a "rich kid with daddy's money" and of course nothing is further from the truth.
There are no more affordable new aircraft which is exasperating the problem. OF course there are some in niche GA operation still making good money.
I think Dick's advice is relevant and perhaps better worded as "Get out of aviation before you lose everything - UNLESS you have a very niche market"