I think one could argue that the US has been a semi-fascist state since before the 2008 crisis. The only part of the textbook definition of fascism that is missing is a dictator.

I think one could further argue that the US oligarchs of the 21st century learned from the German oligarchs of the 1930s that it is better to have your fascism a little less obvious than with a toothbrush mustached singular head.

Yes, this means going through the motions of having elections every couple years and pumping huge amounts of money into that circus. But the huge advantage is that the people continue to believe they have democracy, and when shit goes south, the oligarchs are not first in line for the hangman’s noose.