Yeah. And it's called late stage capitalism.
Well-off societies, like the US, got more well off while technology improved to the point where global manufacturing and shipping/trade was far easier and cheaper, therefore cheap countries naturally start to make the 'things', while the rich countries make the 'services'.
So highly produceable physical things stay cheap, but valuable things like real estate and education balloon in price as population increases and overall wealth increases. Education becomes more important in a high tech services economy because college essentially becomes required therefore colleges can basically start charging whatever they want, vastly increasing the cost of education and therefore the entry cost of getting a career. Companies also start buying up all the real estate, and the popular places become more crowded while nobody wants to live in some podunk random place partially because jobs simply don't exist their anymore, so the small places become poorer while the popular places become super expensive, these things leading to skyrocketing housing prices.
So now the two 'American Dream' things of having a great career and having a house both cost way more money than they used to and you basically spend your entire adult life just paying off those two things.
Meanwhile companies also focus on paying their execs more and handing money to investors rather than paying workers more, so wages don't keep up with the price of those valuable things. And govt in US takes a scary spineless and corrupt right wing bent for decades now that leads to govt letting companies get away with this extreme greed and instead of controlling it companies and the wealthy are rewarded with lower taxes than the middle class. Setting up a system where the wealthy and powerful get ever more so, while most other people fall further and further behind over time.
As all this happens a family starts to no longer be able to survive on a single salary, so women are freed from essentially being domestic servants bound to their husbands with no economic independence and need to have jobs for the family to survive. Which of course is great, but this also adds to the applicant pool meaning even more competition for jobs.
So more economic freedom for more people, but more competition for jobs. With greedier companies, much higher wealth disparity and income inequality, the rich and corporations buying up all the valuable assets therefore making these much harder for the general public to get, a govt supporting this decline, far fewer good easy to get careers, and so much more competition for the high paying careers but much higher costs to even be able to apply for those, all means more people who struggle to find jobs, struggle to get by with huge economic costs to live well and to even get started on the American Dream, while paradoxically the wealth is still around it's just cemented in the few hands of the wealthy with them increasingly taking more of the pie so that over time there is less and less for everyone else.
It's called late stage capitalism because it's a natural consequence as society progresses with capitalist ideals if things aren't watched VERY closely to make sure it doesn't happen.
At this point you have to break up the power/wealth/greed in both politics and industry, build lots of new housing and whole new cities, break up the systemic problems in education and medicine to bring down costs drastically. But those in power in any of these areas don't want to do any of this, and in fact many of them want to exacerbate it. Just look at today's govt in US, they are rabidly for less accountability and fewer taxes for those with wealth and power, while cutting jobs for actual workers. All the opposite of what you do in order to fix anything.
It boils down to the defining trait of humanity: always refusing to live in congruity and sustainability. Humanity always wants to do more, conquer more, oppress more, kill more, have more. But in a limited natural world, and well as in a limited economic world, that simply leads to destruction. That's what we get to witness in real time. What did work is now done in excess with rules bent and broken to allow more excess and so the system breaks more and more as time passes and those doing the breaking are those in power and those who don't want to put a stop to it. Meanwhile the rest of us just find it harder and harder to get by even as wealth overall increases and technological advances make it at least feel like we should be living easier lives.
Story of the world.