By the end of the Vietnam War, US corporations were no longer competitive in the world economy and were losing the bulk of their domestic market to imports.
This lead to de-industrialization and the large-scale relocation of manufacturing to Asia, primarily China. Since then, the US has experienced large and increasing trade deficits regardless of currency exchange rates or other external conditions. With its military adventures financed entirely on debt, the US also began running increasingly larger budget deficits, with increasingly fewer funds for public programs like social welfare or education, or to maintain or rebuild its already-dilapidated physical infrastructure.
After the US abandoned the gold standard and unilaterally scuttled the Bretton-Woods agreement, debt financing for the Vietnam War resulted in a massive expansion of the money supply, leading to a decade of ruinous inflation. It doesn’t appear widely known or understood that during that single decade the US dollar depreciated by about 95%. As one measure, in 1971 a typical 3-bedroom home in an attractive suburb cost around $25,000 while ten years or so later that same home was priced at around $250,000.
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Hidden History -- In The Making 