Way back in the mid 70s, a prof pointed out to us that we were the first generation where a high school diploma didn't guarantee a lifetime job and a pension.
American policies shipped millions of jobs overseas and crushed the union movement.
Along side of this was the expanding concept that no matter your lot in life, you were just a temporarily discomforte millionaire. America has a far higher percentage of people who believe they will become millionaires than any other nation.
This fantasy guaranteed the funnelling of money upward instead of spreading it around as well as cutting the top taxes from the rate that built the nation's infrastructure.