Why was the French economy declining before the Revolution?

Before the French Revolution, the economy of France was declining because of many reasons.
The king, at that time was King Louis XVI, he inherited massive debt problem and he couldn’t fix it. His wife, Marie Antoinette didn’t make the situation any better, she had an extravagant life style, with some spending on clothes and jewellery.

The general controller of finance, Charles De Calonne, recommended and increase and an across the board taxation as the way to fix France’s financial situation. The French royalty at the time was full of corruption and excess.

The country’s participation in the American Revolution worsen the situation, this drained the treasury. The financial state of France was one of the major factors that led to the French Revolution.