Other countries (outside of NA and western EU) were in shambles until the soviet fell. There was a constant threat of proxy wars in third world countries, eastern EU etc.
Until 80s-90s, US was the champion of intellectualism, innovation, trade, commerce etc. The wealth of that is what "good ol' day" is about.
From 90s-2020, US became a society for the rich, ie. More debt, recessions, wars, higher inflation (that is not counted as inflation) etc.
So yes, if you are from one of the countries in shambles in the 90s, your life is immeasurably better. But for anyone who just believed blindly in American exceptionalism and enslaved everything with debt, are seeing their kids suffering today