My memories of NYC in the 1970s was it was, pardon my French, a shit hole ;) Certainly the U.S. did well in the 50s and 60s if you look at gross GDP, manufacturing output. Society was closed. For example, Jews couldn't join most golf clubs or work in white-shoe law firms, or on Wall Street (except all Jewish firms). Black? NO OPPORTUNITY whatsoever.

The 1980s saw entrepreneurship become first acceptable, then fashionable. If Stephanie's Dad was a top salesman at IBM my guess is he would have developed different political views. People who do well in business generally don't have time/interest in emotional politics. Again, it's a relatively small group of people.

In short, the 1950s and 60s did not lift all boats. Not by a long-shot. And those who didn't come out of with with status, cash and assets were left poor. Well, you said it yourself. Inflation!