Well, Bill, I'm afraid I'm as guilty as anyone for this sad state of affairs. I suppliment my meager retirement with a few hundred bucks a month from the microstock agencies. It's not much, but it's most welcome.
Of course, the new online stock agencies are just one of many shifting parameters which affect photojournalism. It's not really even PJ alone that's being altered, but every art form has been changed by the digital revolution and it's attendant ally — the web. Look at the havoc taking place in the music business.
So-called "consumers" (I hate that word) are benefitting while the producers of content and creative people are suffering.
Even the microstock trip will not last forever. When I started a few years ago, my main agency had a million images. Quite a lot, no? Now, they have over 8,000,000 and are shooting for ten million, probably this year. I refuse to shoot conceptuals — people or objects on white, considering myself at least to be in the PJ - documentary vein. If you want to be really successful, you shoot front lit objects only, clone out every vestige of trade names or logos (realistic, huh?) and indulge in zero creativity on any level.
It could be that in the future the best photojournalism and the best art photography will have to come from the amateur ranks.
We will all be amateurs.