Has our economy fallen off a cliff every 7-9 years? The last time there was serious widespread economic pain in the US due to gross systemic failure and mismanagement was 2008. You could hardly blame systemic failure for a global pandemic no one was ready for. And economically the US frankly is rebounding fairly well.

Besides, what exactly is the mechanism to prevent frequent economic crises and inflation that we had which was subsequently dismantled?

I get it. I don't disagree that the US has fallen woefully short of prioritizing cost-of-living. But this critique also seems to live in a world of hyperbolic disconnect from what's happening.