I would offer two areas of decline:
1). Society has abandoned parents
As a parent of two kids, I do feel like I want to say "Can I please get some cultural help here?" Sex, narcicism and cynicism are 24x7. I'm not yearning for Leave it to Beaver, but I'm weary of Viagara commercials and Lady gaga. Don't even get me started on rap music...can I get a little Cosby Show or Everbody Loves Raymond action? In many ways we don't celebrate stable families anymore and the hard, non-financial work that makes them a reality. We sometimes glorify the suffering that comes with bad choices. A sad by-product of the Internet is that it's almost a certainty that young kids get exposed to hard core porn while they are shaping their expectations of themselves and their relationships.
2). We've abandoned infrastructure & societal investment
The generations that preceded us built and built and built this country. Both govt and corporations invested in ways that weren't always NPV rational but left us with a spectacular society. The by-product of our consumption culture is that we've drained our cultural and economic capacity to invest in -- or even maintain -- our private and public infrastructure. If we could do a country-wide balance sheet, we'd see that we've writing down our assets to fuel current expenditures. Take a train from Baltimore to NYC and look out the window. I defy you to see something that isn't rusted thru. Private companies that do put out huge capital expenditures get politically crucified for their profits. We don't appreciate our infrastructure anymore. As a pilot friend observed to me after hearing a passenger complain the in-flight wifi was slow: "Dude, you're in a seat 40k feet off the ground going 500mph for $300. Chill."
People born into western, secular cultures are still blessed beyond words but in my opinion the above two trends strike at the roots of the long-term improvements in our societies. Something has to give. It's probably our collective lifestyles.