I suspect that all of those things happened at once. The trigger might have been the end of the gold standard on August 15, 1971. I suspect that we had been g

I suspect that all of those things happened at once. The trigger might have been the end of the gold standard on August 15, 1971. I suspect that we had been going too long without an increase in the gold backing our money supply, and after decades of temporary fixes to the Breton Woods system, things fell apart then. Afterwards, although we moved to a superior fiat currency, most people didn't really believe in the new system for at least a decade. (And the popularity of bitcoin seems to prove that some people still believe that fixed monetary supply is a good thing!) This allowed the other factors, plus the shock of having to rely on foreign oil, plus the rise of reactionary tax policy, to really mess up the economy in ways that we haven't really fixed yet. Yes, we stabilized the dollar by the early 80s, and yes we have started to ween ourselves off of foreign oil, but the low income taxes on the highest earners remain in place, along with lots of loopholes that make it easy for billionaires to pay almost no taxes. I don't know the long-term consequences of carrying so much public debt (relative to GDP), but it seems that the only possible way to reduce it (without making things worse) is to tax the rich, which is now going to be incredibly difficult since they have so much power at the moment.