Verb
hit the skids (third-person singular simple present hits the skids, present participle hitting the skids, simple past and past participle hit the skids)
(intransitive, originally US) To fail; to decline.
My family kinda hit the skids. We were experiencing poverty at that point. We all got a job, where the whole family had to work as security guards and janitors. And I just got angry. Jim Carrey
Despite the improving economy and the expiration of stimulus provisions, almost 8 million more people remained eligible in 2017 than before the economy hit the skids: 45.2 million versus 37.2 million in 2007. Source: Internet
It would become a lifelong habit; as an adult a couple of semi-ok relationships hit the skids at least in part because “You always have your nose buried in the goddam paper.” Source: Internet