While we are in the blame game, lets put some of the blame on the conservatives. They have dominated government since 1980.
The conservatives wanted to reduce the size of government. Well now we see what happens when you reduce it too much.
The conservatives have also been pushing laissez faire economics. It has been tried in the past. But those who don't learn from the mistakes of history are destined to repeat them. In a world economy based on laissez faire principles, China and India will be the big winners. The U.S.A. will be the biggest loser.