The West needed 30 years to realize that (some are still working on this I think) because it thought that it had actually 'won' the Cold War through it's actions during the Cold War, when the reality was much more likely that the East had collapsed also without much 'help' from the West.
The countries on the 'losing side' in this battle of ideologies (like the Soviet Union and China) had adapted to this new reality much more quickly, both in different ways though, but none of them copied the 'obviously superior' model of the Free West.
Of course hindsight is 20/20, but sometimes I've got the impression that many people in the West still wear their rose-tinted Cold War glasses ;)
Most of the legislation passed revolves around redistribution of wealth, and it's not taking from the rich and giving to the poor but quite the opposite. Any and all amassed wealth is being extracted from the poor and being given out to businesses in the form of lucrative contracts or, more recently, bailouts. The companies that receive this money promise that it's going to trickle down while they fill Golden Parachutes, perform stock buy backs, and find other ways to funnel that money to their wealthy share holders.
The message for decades was that the government was inefficient and wasteful, and that private business can do it better. We've all heard the stories of the $300 hammer. But when things are privatized things generally get worse. Fewer workers earning lower wages doing more work but the overall product is worse and it's usually not cheaper. Any and all reductions in cost are just converted into profit margin.
The US is being sucked dry and when there's nothing left, the globalist in charge will just up and move on.
What product is worst and more expensive that you have in mind?
-- https://nrs.harvard.edu/urn-3:HUL.InstRepos:34623859
-- https://www.law.upenn.edu/live/files/6611-report-municipal-f...