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"decimate" is an outdated term that means to destroy one tenth of something.
Language changes over time. With the Cold War being over there was no longer a need for a term that referred to countries not involved in the Cold War, so the meaning changed to something useful
And speaking of meaning, 3rd world does not mean underdeveloped. However, one of the criteria for a country to be considered "First World" is "having a stable democracy." So whatever you want to classify the US as it sure as fuck isn't a First World Country.
The US isn't the best place to live but objective measurements of quality of life prove that it isn't the worst. Saying it is is nothing more than childish hyperbole.
Yes, it does. You just said the term shifted to fit that new meaning. The US has a stable democracy, in case you haven't noticed.