> The ruling class hated the 1970s because it thought it was in danger
> of losing the class war, or at least failing to win. That was the
> reason for Volcker and the recession of 1980-82.
But that only proves my point that the ruling class has the effective means of neutralizing public opposition, and thus do not need to buy public support as they used to (c.f. "machine politics").
The seventies were dangerous mainly because it was an unintended consequences of the early elite machinations to reign in the more virulent home-grown racist bigotry to win "hearts and minds" of people overseas who were influenced by Soviet ideology. They had to pun on the appearance of a "human face" and thus supported the more progressive forces in the US society. But when those forces started gaining influence, the ruling class quickly reined them in by changing the course of economic and social policies - as you argue.
So my point stands. The popular discontent may wax and wane, to be sure, but the elites now have effective means of neutralizing those fluctuations without the need for bribing the public with costly perks, as it used to be the case.
Wojtek