I wonder how much of this is structural? Technology has a way of eliminating many, many jobs. Marx used to howl about this and China purposely keeps technology at bay to keep people digging and shoveling by hand. Keep them working or they revolt. We may have a mess on our hands!
China and India both have had more than a decade to create a first-world sustainable economy, with the help of trillions of US wealth.
China put their trillions into their military build-up.
India put their trillions into the pockets of a few corrupt people.
The US is now broke, much worse than broke, and we will be demonized for not continuing to send trillions more to our enemies.