The Baby Boomers were granted the best economic times throughout their work life and before. Their parents, having struggled through depression and wars, gave them everything, so they would not want. However, they still required respect and acknowledgement that things cost money and money was earned. Now we are two generations beyond that and most have forgotten what it means to be self-reliant. They turn to the government for answers and solutions. When the government finally fails, then people will endure hard times again and start over.
So, no, it is a cycle, it can't be stopped.
There generally seems to remain a remnant of the strong and virutous. So theres always hope that we can learn the easy way instead of the hard way.
There will be plenty of people who already know and teach their kids, however, for the masses, they are doomed to repeat history.
Rome was at the highest point of excess and dependence when it fell. The term "bread and circuses" points out that time in Roman history when the leaders tried to hide the upcoming decline by entertaining the masses.
I'm sure there are other examples throughout history in different parts of the world. If we knew more about the Mayans, we might find that they did the same thing before their civilization collapsed.