You have identified the symptoms. What is the root cause of this disaster? I believe it was government actions, public sector unions and regulations including federal regulations. Detroit was just the most spectacular failure. Expect to see more.
The US is in a worse situation. It is hard to leave. It iis hard to succeed under the growing heavy hand of government.
We saw the Soviet Union fail, almost overnight. Near the end it will go very quickly. How much longer do we have? I suppose that depends on what we do and who does it. I will continue to fight, of course, but I do not believe it will be a positive outcome.