Based on recently getting a house built, declining quality of various products I buy, talking to friends who work in various businesses including healthcare, etc., it seems like competence is on the decline.
It seems like businesses of all types have an increasing proportion of incompetent management. Incompetent management doesn't know how to fix itself, or how to get competent workers. And it makes the work environment worse.
Competent workers then bail, as they don't want to work for morons or work in a unpleasant, stupidly run work environment. Or just move to, "OK, you're the boss" and do it the stupid way because trying to educate morons doesn't work. Which makes the problems worse. Which makes more competent people leave. It's a vicious negative-feedback loop.
The result is increasing supply problems, plunging quality of product, greater faults and failures.