Some could argue the decline was started by Nixon or even Johnson. Basically, we were living on borrowed time and the misfortune of post-war Europe. It was inevitable the free ride would end. It's only now that the pain is more fierce since the productivity gains all have been squandered for short term gains on Wall Street. Frankly, it's a miracle any of the 1%ers ever make a buck with the short sighted mentalities that many of them have.