From what I can remember (of reading the book 25 years ago), it predicted an increasing suspicion and resentment of excellence and competence, coinciding with a rise in socialist sentiments. The net result is that various aspects of society would begin to break down as the total amount of competence in the culture vanishes.

I think she attributed too much of the symptoms merely to socialism; obviously the world is more complex than that. But we've got this train crash, the ongoing issues with Boeing airplanes, several multi-billion dollar public infrastructure projects across America that have stalled and will likely never be completed (like the California high speed rail system), the list goes on.