In 1960, the government spending as percentange of the GDP was 14%. Today, it's 41%, but the total tax burden is only 25%, which means half the government spending is financed by borrowing or printing money. They use a money fancy term for that, they call it ''quantative easing''. What this means is that, the more they artifically increase the supply of money in the economy, the more the value of the dollar decrease, while the consumer prices increase. This combined with the rapid incrase in taxation and regulations has caused the manufacturing to leave the country. Things like minimum wage laws weren't a thing in the 60s, which allowed the vast majority of people to grow in the labor market by getting entry level jobs and climbing their way up the ladder. Over the years minimum wage has kept increasing killing the entry level job opportunities. The high cost of labor drove out of the economy a lot of jobs and manufacturing that low skilled people needed. The rapid inflation has killed people's savings, and incentivized them to spend and borrow, rather than save and invest.
On the bright side, the US has gone better over the years in terms of social progress.