As someone once said, political philosophies don't die because someone refutes their basic arguments. They die because the people who believe in that philosophy die out.
The old union guys died out. Or wound up in cement in some Jersey freeway.
The reporters Ben Hecht wrote about died out.
The Old Left died out.
The New Left got jobs on Wall Street.
In the meantime, a generation grew up that doesn't understand what it means to be poor.