This is spot on, but we have to be careful. What is happening in America right now is happening everywhere else at a slower pace. After the collapse of the Soviet Union in 1991, many European countries began cutting public health and social services, while most Canadian provinces began doing the same thing shortly afterwards. The 2008 economic crisis caused many European banks to suffer severe problems, resulting in the European sovereign debt crisis. Many European countries began to implement austerity measures in the early 2010s in an attempt to resolve the crisis. The bailouts in Greece, despite being rejected in a referendum in 2015, were implemented as a form of measures that caused tax increases and weaking of public health and social services. Other countries, including Hungary, Ukraine, Germany, and Portugal, also suffered from similar crises at this juncture, which prompted more austerity measures to be implemented in those countries. This resulted in an increase in poverty that caused fascist parties to regain seats in their legislatures shortly after the Brexit vote that occurred in June 2016.
Three years after an election where Hillary Clinton won the popular vote but came up short in the electoral vote to Donald Trump, a similar situation arised in the UK where Boris Johnson's party won a majority of 80 seats in the House of Commons despite securing less than a majority of the popular vote. As a result of these circumstances, fascist parties have secured majorities in legislatures in Egypt, Israel, Poland, the UK, Hungary, and India; similar situtions also happened in some Canadian provincial legislatures (mostly Alberta, Saskatchewan, Ontario, and Quebec), some state legislatures in Brazil, and most state legislatures in the United States.
The fascist movement that began as a result of the 2008 financial crisis is currently expanding. In addition to what has happened in Brazil, Paraguay has been returning towards a Stroessner-like fascist regime ever since the impeachment of Fernando Lugo in 2012, while the impeachment of Martin Vizcarra in 2020 prompted Peru to initiate a return to a Fujimorist style fascist regime. Guillermo Lasso would be elected president of Ecuador in 2021 after years of austerity by Lenin Moreno (who won the election against Lasso in 2017), which was caused by a severe economic crisis that resulted in an increase in poverty leading up to a series of protests in 2019 over the removal of fuel subsidies. The same situation happened in Bolivia a month after the protests, where a fascist caretaker government overthrew the Morales government despite Morales winning the election because the country was experiencing an economic crisis despite the implementation of policies by Morales that increased living standards throughout the country. In a few countries, some progress has been made in trying to slow or reverse the fascist movement around the world, like with what happened in Chile when a referendum to draft a new constitution was passed in 2020 following a series of protests.
What really is happening in the Western world, however, is the result of years of neoliberal policies dating back to the closing of the gold window by Richard Nixon in 1971. The pursuing of those policies for so long ultimately resulted in the collapse of the repurchasing agreement (aka repo) market in September 2019, which prompted a second round of bank bailouts that coincided with the start of a major decline in the resources the planet needs to sustain its civilization. The greatest economic collapse in the planet's history was coming whether or not a global pandemic was happening.