With the rapidly worsening of the material conditions of the general population in the 'west', will we see a rerun of the early 20th century? I feel we are approaching the point where the bourgeoisie are so desperate to cling on that the 'democratic' institutions of today might be in danger.
American fascism is unique from its European manifestations in that it has firmly consolidated itself in the bourgeois state apparatus and civil society. When European fascism seized power it needed a paramilitary force, dictatorial strongman, and violent purges of "undesirables" because the regime had not consolidated power.
In US society that consolidation happened long ago though. The US regime keeps its "undesirables" in a constant state of precarity, ghettoization, and incarceration and only occasionally ramps up the genocide to mass killings. It's paramilitary base has been incorporated into the state as it's police force. The US regime allows a carefully controlled facade of Democracy because it does not need a strongman. The US regime allows limited leftist ideas to proliferate and act as long as they do not constitute a threat.
Many leftists who claim to worry about the "threat of fascism" are actually worried about the existing fascism burning hotter than it currently does - and they're not necessarily wrong to do so - but any analysis that worries about some incoming fascism on the horizon without realizing the disease is already here will be fatally flawed.