The reason for anything large and complicated is very nuanced and probably has a lot of small causes that we might all disagree on, but I'd say that the overarching reason for this social malaise might be that a lot of people are feeling a lack of hope for their future.

If you think you're working towards something good: a family, home ownership, kids, a reasonable amount of life enjoyment in terms of leisure, a stable society, and a pleasant retirement where you can enjoy seeing your grandkids and participate in some hobbies for a decade or so before your mind or body collapse....you might be willing to push yourself to achieve as much as you possibly can, even if you're a lowly cashier or janitor.

But who wants to go the extra mile for this degenerate and hopeless society where your money is being destroyed and you have grave concerns about many things? Whether rightly or wrongly, everybody is seeing fucked up things in the world and many people are feeling much greater concern about the future than we've ever seen before. This isn't a recipe for going the extra mile at work or harnessing the energy of society to achieve something great.