Even after all of that, a majority of what is supposed to be recycled ends up being "recycled" into electricity, by an incinerator. That's the case in this neck of the woods, at any rate.
Recycling treats a symptom, not a disease. We allow the production of wasteful packaging, we accept planned obsolescence, and we dispose of things that could be yet used for a long time to come.
A better solution would be to impose the cost of disposal on manufacturers - this already happens to a degree with WEEE, but try actually getting a manufacturer to collect - it's made deliberately difficult as they'd rather you just fly-tip and save them the expense - even though you paid for that service as part of your purchase.
Another better solution would be to pass goods on whole for re-use rather than recycling wherever possible, which has gained some traction through things like freecycle and eBay, but is still a minority case. This behaviour could be encouraged by governments, but is instead actively discouraged, as it hurts sales of new goods, and therefore tax revenues.
As per usual, we'll only change when forced to - by which point it'll be too late. People will use 300 year old toasters in the future, and weep for our wastefulnes.
I do what I can, buy very little new (all of my furniture is pre 1960), dumpster dive, pass things I no longer want or need on, but it's still not enough.