The cognitive bias called the recency effect shapes the perception that today's polarization is abnormal and that the norm was the relatively bipartisan politics of 1945-1993. Actually, an objective look at US history, and reading Colin Woodard's American Nations, shows that bipartisan stability is the anomaly and polarization between the irreconcilable regional societies that compose the American republic. Also, the view that the postwar opportunity society we both grew up in is the American norm is a product of the recency effect cognitive bias. The American default is plutocracy, as the founders intended. Expanding the concentric circles of rights and opportunities to include previously excluded groups happens only when crisis threatens entrenched elites with state failure, whether through civil war, the abyss of economic depression or isolationism's geopolitical failure.
America exited from its plutocratic default, saving capitalism from the capitalists, only because of a single family: the Roosevelts, Teddy and Franklin.
But I'm biased. Our family has a 1936 portrait of FDR signed by FDR given as a thank you to my great uncle for his organizing support for FDR's reelection.
I'm more optimistic that Biden will succeed in killing failed trickle down economics, especially after the Keynesian effects of the Inflation Reduction Act start flowing through the economy. The Roosevelt Institute's take: https://rooseveltinstitute.org/2022/08/10/why-the-inflation-reduction-act-is-a-big-deal/
Here's one way to stop the plutocracy default: index tax rates to the Gini coefficient measure of inequality: https://medium.com/the-national-discussion/how-to-stop-the-plutocracy-game-index-the-top-1-s-tax-rates-to-decreasing-inequality-a3a19f42cd97
Two of the best run countries in the world that know a thing or two about business have wealth taxes: Switzerland and the Netherlands. Tells you what you need to know. My brother in Amsterdam is happy to pay it. He knows what he gets in return: superb bike everywhere infrastructure, great public transport, nearly free university for his kids (in English or Dutch), good health care, an EU and Dutch state seed-funded investible startup ecosystem among the best in the world.