The de-industrialization (of the West) was masked with credit expansion facilitating consumption, not production, which was un-economic under the globalization scheme. Stagnant or falling wage earnings were supplemented with easy credit for the masses.
And I'd definitely add: Stagnant or falling wage earnings were also supplemented by ever expanding social welfare programs, which added greatly to deficit spending.
These trends can't go on forever.
De-industrialization, stagnant/falling wages with ever expanding social welfare programs to placate/pacify the masses, easy credit facilitating consumption (blind them with baubles), currency debasement... all tactics in the prolonged multi-pronged attack upon the US.
As you say, trends can not go on forever. When failure comes get ready for the Global New Deal. Get ready for a boot stomping on mankind’s face forever.