John Lennon and a U.S. president was gunned down. Kids in school still did drills to prepare for nuclear attack (as if hiding under that desk would help). Crippling recession affected most of the world for the first half of the decade, and with a few notable exceptions (e.g. Prince), it was a low point in cinema and music. The 80s hair bands are no more, and while there were a few good movies from the 80s (e.g. Empire Strikes Back, Raiders), it is generally considered a weak era for film.

Perhaps you are biased because it is the era you grew up, but I would say the 90s were a more prosperous era for America. We had just won the cold war, America was the undisputed leader of the free world, and outside of a brief recession in the early 90s, it was a time of great economic prosperity. That was forever changed in 2001. Since then, we have been in a constant state of war and likely will be for years to come. The 2007/08 economic collapse has shaken the world's faith in Western economics and culture and it may never be restored as autocratic dictatorships rise in power on the world stage and largely stand opposed to the west once again. Hell, we even had a drop in life expectancy for the first time in decades.