No. I for one, contrary to popular belief, believe that every generation will be a tad smarter than the previous one since they benefit from the progress we make now, and intergrate it into themselves from a younger age than we did since we discovered it later in our lives.
On the other hand, i also believe that the "dumber" people of every generation have more children than the "smart" ones, pushing the average iq down a notch. I'm not saying that the apple doesn't fall far from the tree. Occasionally it ends up very far from the tree, but more often than not, it still doesn't land very far away.