Long term, the Europeans and Americans will certainly have a lower relative standard of living than before, compared with the Chinese etc.
What can we do to slow the decline? Invest massively in research, I think, and strive to stay ahead in all aspects of design. Up to now lots of countries can build wings. Not so many can design advanced ones.
I'm afraid the UK industry gave away half its right to build Airbus wings by screwing up the A340-600 wing, trying to do it on the cheap by keeping a lot of the 1990 design inside. It was far too heavy, and hastened the demise of the A340.
Post-A380, there will be no more automatic awarding of Airbus wings to the UK.