The trick with good times is when they don't last. What we see, more so in this cycle that most, is centralization of power and responsibility/regulation (there has never existed a more regulated society than the modern West).
The cost of this is extreme - by some estimates, most people pay 30-60% of their earnings for the year to support such a structure (if you don't understand the average 22% cost of goods as embedded income taxes, google for the Harvard economics study). When we have an extreme downturn, like now (we need 350,000 jobs per month added for 10 straight years just to get back to "Bush era" employment numbers), people can't afford it. Just this week we have the example of Obama saying that people should cancel their phone service to pay for his healthcare scheme, but that's just a glaring example of a pervasive problem.
Only so many people will allow their homes to be confiscated to pay for the ostentatious lifestyle in DC and on Wall Street, while they're having trouble putting food on the table for their families. If trends continue, the USD will lose its place as the national reserve currency (debt-to-gdp is over 100% now; Bretton Woods was agreed upon when the USD was still backed by gold) which will cause a rapid loss of buying power. And the more the US outsources, the less will be there when the USD loses its value. At some point, they can crank up the printing presses to fund poverty programs, but when people stop accepting dollars, there's nothing else to do but to implement wage and price controls and/or seize the means of production. The odds of a revolt go up with each step along the way.
The shame of it is, we can see this coming, and we can recognize that we need decentralization and de-escalation of power, but the political system does not allow for it to back itself down. Even the very name, "lawmakers" is telling - "law-removers" isn't in the lexicon.
Jefferson himself predicted the situation, and even recommended revolution as the solution. I'd rather see a peaceful and economic one.