Perhaps a rhetorical question but it needs to be asked since some/possibly many AdSensers are doing well meanwhile some/possibly many are doing very badly.
For example I used to get 1,000 clicks a day now I am lucky to get 20-30, where have all those clickers gone?
Quite simply does that market for my widget clickers not exist any more?
Is this the root of the problem some/possibly many are experiencing, for wont of a better description "the collapse of certain online widget products"?
I know in my global widget industry that our widgets are selling, in fact in the USA real world sales are way, way up over the past 2-3 years and I am also seeing this in many other countries as well yet AdSense earnings would suggest that people simply are not clicking like they used to.
The fact that people are not clicking yet sales are up means that buyers are getting their widgets however not sourcing them through clicking on ads. Maybe Google's SERPs are good enough now so that people do not feel the need to search as much, maybe local widget suppliers have taken notice what buyers want and stock more and better widgets, maybe it is something else altogether that I haven't yet noticed.
So back to the question, what if AdSense really is not broken and this is your new widget reality, and, it has to be said, also Google's new reality of doing such a good job with their SERPs. If this were to be true then Google has also shot themselves in the foot and may explain their recent declining results from AdSense.