You highlight the word
economic as if it is some kind of right-wing conspiracy.
Economics affects us all. It is nothing to do with rich or privileged versus poor. It is to do with the accumulation of wealth versus the consumption (dissaving) of wealth. By economic damage, I am referring to the destruction of wealth, which does not bring any net benefit to a society even if it is "redistributed."
Economic growth, aka, creation of wealth means improved standards of living. Creating wealth is the only way which man improves their standard of living. Without any wealth, your time is consumed entirely on basic survival - you must hunt, gather or scavenge for food just to exist. You can only have any leisure time to invest in other pursuits if you have fed yourself. The way to ensure that you can feed yourself and engage in other pursuits is to accumulate wealth - that is, have some means of feeding yourself without using all of your time for survival. It is no good merely feeding yourself though - if you want healthcare and other luxuries, you need to create excess wealth.
Creation of wealth is not a zero-sum game, which is the fallacy most ancaps seem to hold. By creating wealth, you can improve not only your own standard of living, but also that of your neighbours, and not merely through charity. There are no losers in wealth creation - there are only some that don't do as well as others (which isn't something that needs fixing, because it is not the problem).
> a deep fear of equality and perceived threats to their privileged position in society. Hence, going down with the ship (a good economy & status quo) seem more rational than changing course.
It's more that we don't like seeing the wealth our ancestors worked hard to accumulate being pissed down the drain by people who do nothing but consume, rather than create wealth, and when it is not their wealth to consume in the first place.
By "changing course," you seem to be implying that their exists another course in which more wealth is consumed than created, which obviously has a dire end result: there will be no wealth left, and we will all be back to scavenging for basic survival. You are damn right that continuing economic growth is more rational than such regression.
BTW, I am a big fan of altruism as a means for lifting those who are less fortunate. In order to be altruistic, you must yourself have some capital to expend, or time to volunteer for helpful causes. Only people will such wealth can help their neighbour. If everyone's wealth is in decline, who do you think is going to help the poorest?
Giving more money to the state is not really altruism, but is avoidance of having to be altruistic of ones own volition. You must remember that a large portion of that money you give to the State is used on weapons of war, expansion of a police state which comes with increased abuses of power, and so forth. Are you really sure you want to be giving more of your money to the State?