[acdha]

One thing to remember is that “heavily pushing subsidies” needs to be more comprehensive than it tends to be when you look at the details: people decide to delay kids for many reasons and societies often fail to address all of them – e.g. if you subsidize childcare but still have a work culture which expects long hours or sidelines mothers, the existence of the subsidy lessens the impact but probably doesn’t get too many people to change their answer. It’s fairly common to find reports of gaps in the supports for even the more generous societies which lead to people stopping at 1-2 kids when they might otherwise have wanted more.

These days, the big factors include not having dealt with climate change: parents are being asked to make a big gamble that the future will be better, and having all of the evidence suggest otherwise is a widely-cited deterrent.