The "progressives" should hope the "robber barons" return because the country is not producing enough to support government spending. Business did not cause this nightmare. Artificially low interest rates, near zero, in the 1990s, and easy credit, created the bubble that burst. Artificially low rates have a disastrous impact and create extreme boom and bust cycles.
President Obama has sold the public a bill of goods that everyone is responsible except the real culprit, government. Interest rates remain artificially low even though that caused the problem. A worse bust is ahead because we are adding massive debts to the mix. It will begin when the bond market realizes the nation will not make good on its debts. Then, the cost to go into debt will be unaffordable. The only option will be to print money. At that point, all will see how cruel these policies are when their money becomes worthless. Inflation will rise and interest rates will have to be raised significantly to a point that it kills the economy.
The rider of a black horse will then approach your children and grandchildren, scale in hand, offering two pounds of wheat for a day's wages. They will be lucky to afford it. Be warned, the horseman is on his way.