"And America’s thinking class should have seen all that coming. If folks like me could, why didn’t they?

Because they’re not versed in this theory."

I'ts not that. Its because in every case of social collapse, the affluent/elite in that society think that it wouldnt happen in their country because their country is special/has traditions/democratic/great/etc. Such things happen only in '3rd world' countries in their mind.

Additionally such segments are accustomed to their comfortable, privileged life and they are out of touch with their own society, so it doesnt feel like anything is happening from their perspective until they suddenly have to face the consequences. Moreover, they also are sufficiently selfish to avoid any proposition of discomforting themselves even a little to make things better - like paying a few percent more taxes etc.

And so, social collapse catches such people suddenly and without warning.