Google adsense payout in these days may not good as it used to pay you before BUT Adsense is still the best pay out in PPC advertisement market. You may try other ones such as Kontera, Chitika and you will see the less payout from them. The only way that adsense can be dead is the adword died first.
It was it is and it will stay the best PPC network Is more that the PPC era will end then adsense Bottom line you have traffic it's imposible not to make money
I think as long as google the best SE in the world adsense will not die.. the other online earning programs just an adsense alternative.
We are in a terrible recession and people are bound to cut back on advertising which will hit us all,we may see a upswing early next year but all forms of advertising are well down.