During the postwar years we had liberal economic policies - high wages, solid benefits and a whole spectrum of policies designed to make middle class life affordable, including subsidized college education.
The father could support an entire family on his wages, leaving the mother to raise the kids. This pro-family wage structure is why the fifties was considered the hey-day of American Conservatism (and it's why so many conservative commentators supported the New Deal).
But there was a flaw. The wealthy corporate elite wanted more money. So they purchased a candidate named Ronald Reagan.
Reagan said we needed to repeal the policies that supported the middle class so we could give tax cuts to the wealthy. He declared war on unions (in order to give his corporate donors cheaper labor costs), and then he opened trade so that our capitalists could shift production to much cheaper labor markets in China (which resulted in the de-industrialization of our great cities, followed by massive ghettos of superfluous citizens with no hope).
Of course, Reagan said that the resulting profits (made possible by lower labor costs, tax cuts & deregulation) would trickle down to the middle class.
He lied.
The rich got richer and now American families must work twice as much to survive in a new globalized wage structure where our workers must compete with 3rd world labor markets in freedom hating tyrannies. Now - as a result - we live to work, and we need toxic levels of debt to consume and survive.
To answer the OP's question: we swallowed poison in 1980.