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Combination of factors

1) Two full generations of citizens infantalized by government as the provider writing checks based on
2) artificially cheap money supporting mass quantities of investment and
3) cheap shit from abroad promoting the wealth effect even though it's all flat pack garbage and none of it is real craft 
 @d66a8056 To be fair, the overseas junk manufacturers learned it from us. I remember the shit US manufacturers made in the late 70s and 80s before slime like Chainsaw Al Dunlap sent all the machine tools over to China.

The only good manufacturing post-maliase era was out of Japan, but most of it was boring and no style. Europe had style (B&O, Lotus, Alpha-Romeo) but no engineering ability. Once Japan hit the 1990s everyone else had to catch up.