Eliot's poem
Eliot believed that modern society lacked a vital sense of community and a spiritual center. The waste land of the poem is modern European culture, which had come too far from its spiritual roots.
Eliot alludes to various ancient religions as well as to the medieval legend of the Holy Grail, finding in them the common thread of the mythic cycle of the death and resurrection of gods. More specifically, he found in a book by Jessie Weston, From Ritual to Romance (1920), the story of the Fisher King, a mythic figure whose loss of power or fertility produces a corresponding blight or drought in his kingdom. Only through the death of this king and his replacement by a new, young, and vigorous knight can the land be restored to fertility.
Eliot's poem, depicts modern society as being in the infertile part of the cycle. Human beings are isolated, and sexual relations are sterile and meaningless. Because of the variety and relative obscurity of Eliot's allusions, readers must work through the poem's footnotes several times to appreciate it, but the general impression of isolation, decadence, and sterility comes through in every reading. (http://www.vanderbilt.edu/AnS/english/English151W-03/wasteland.htm)
While many, including leaders such as the Dalai Lama, may agree that part of the trouble that we experience in contemporary life has something to do with our lack of time or emphasis on spiritual growth and development, we're not all on the same page about cultural decline. While some see "decline" as an erosion of "traditional" values (historically tied to Puritan and Victorian ideals that may or may not have had much to do with people's daily practice), others see cultural decline as a shift in practice rather than a total break with tradition. Are cultures worldwide stuck within some horrendous cycle of degradation or are we just changing in response to available technologies and the realities that they bring? Is it somewhere in the middle? This is an interesting question to consider as you read or reread.
There is a mountain of information about Eliot and his work, including some very nice interpretation, available. See the following pages if you're hungry for more:
http://www.elcamino.edu/Faculty/sdonnell/waste_land.htm
http://www9.georgetown.edu/faculty/bassr/heath/syllabuild/iguide/eliot.html
http://www.youtube.com/watch?v=3tqK5zQlCDQ (Eliot reading part of "The Waste Land")