Any political movement that is going to succeed in America needs to be able to credibly promise that it can raise living standards for ordinary Americans. For the past forty years, this imperative didn't dog the right as much as it might have because non-material "wedge issues" proved so potent. As long as the culture war was going at full tilt, the right could keep separating working class voters from their more natural allies in the Democratic Party.
Also, parts of the conservative economic message -- especially about lower taxes -- sounded good to many people.