The conservative lie is that public spending is bad, and taxation is bad. The reality is that spending tax revenue is an investment in the improvement of society. Something with moral benefits, but also lasting economic ones.
In the 1920s and 1930s the US reacted to break up the monopoly and oligopoly of the “robber barons”. The government had the will, and the public backing, to make changes necessary to protect from corporate dominance. That will doesn’t exist any more.