If you follow Ray Dalio, he hypothesizes a lot of what we're seeing is due to decadence. Specifically, newer generations expect a high living standard but are not actually as rich as prior generations to support that living standard. At the same time, the population spends on decadent luxury goods instead of productive goods (which you can see in deindustrialization and the rapid expansion of low quality goods on Amazon).

If you look at the history of the Roman Empire you see a lot of similarities. Increasing living standards means people aren't willing to work as hard as their predecessors because they already have it pretty good. That leads to a loss of competitiveness, loss of competent political leadership (because why struggle in politics when you don't have to?), and increasing corruption. At the same time, people continue to purchase luxury goods to maintain their living standard rather than re-invest in productive assets that might decrease their living standard.