Sure, the US is certainly not immune to that dynamic. For example dysfunctional regulation restricts the housing supply (in certain areas), causing the prices to be high. Then left-wing politicians will point to the high prices as a failure of capitalism and oppose new development.
But the political coalitions here (and even the economics) are somewhat complicated. For example, California recently passed several bills to de-regulate housing, which were initiatives of (a sub-faction of) the left-leaning party that controls the state. And the right-leaning party is not a technocratic one like Singapore - an important sub-faction of the right-leaning party goes against advice by economists themselves, on macro issues and increasingly on trade also.
The non-economic factions are more poised to benefit from dysfunction, and in my view, also more likely to cause dysfunction, and so enable each other. So my view is also more similar to a tailspin than a pendulum. Just that it is not as simple as trying as hard as possible to displace the establishment, because the people best positioned to replace them are often worse.
There is another, darker, argument, which I've seen presented by some fairly well-informed people. It goes something like this: the industrial revolution, with its huge inequality, financial crash, and the eventual fall to authoritarianism around the world, is, in fact, the natural order of things. And this has been papered over by massive economic distortions by governments starting with WWII, along with perpetually increasing debt levels as interest rates decline (which since debt and savings are two sides of the same coin, allows overall savings to increase and makes things less zero-sum).
With this premise, there is no natural politically-stable state to return to, and the path for managing outcomes that maintain public support for capitalism becomes even more narrow. I'm still thinking about it, but (unfortunately) I've found the arguments pretty compelling (from billionaire capitalist Ray Dalio [1], among others).
[1] https://economicprinciples.org/