Exactly. American ruling ideology has, for the most part, been overtly conservative and elitist even under its “progressive” eras, as opposed to the right wing populism that gives rise to fascism. Only thing that separated it from the old monarchies was that it put “entrepreneurs” as the rightful masters of society instead of aristocrats and royals.

It’s not like much has changed either since the mid-20th century. Even under the populistic overtures thrown out by everyone from Trump to Obama, there’s always the underlying assumption that the leaders of capital are the vanguard of political change. It’s arguably more present now than FDR’s time since a public program that doesn’t include a “partnership” with a dominant private corporate element is unthinkable in this day and age (“Obamacare” is a prime example).