We don't have to wait. We are staring at the failure.
Just as Obamacare has become the icon for big government incompetence, Detroit has become the icon of unchecked liberalism. It was 1962 when we last saw a non-liberal in charge of Detroit. At that time Detroit had the highest per capita income in the country.
Imagine a milk cow, the cow of capitalism, in Detroit, the auto industry. Upon the nipples the union and government latched - union demands slowly destroying productivity, the government with ever increasing taxes and regulations - suckling until inevitably the milk fails to flow. The cow begins to die.
In a free-market capitalistic society, the cow would take chapter 11, restructure its debts, downsize, renegotiate all its contracts with suppliers and labor, and reopen smaller and leaner. But this time the liberals were in charge. The federal government stepped in, threw out the shareholders, and the government and the unions took over an auto company. (Stop and study up on National Socialism).
What happens when Liberalism fails? Maybe we're asking the wrong question. What happens when Liberalism begins to succeed? The whole country begins to look like Detroit.
They will try and convince us what we are witnessing is a failure of capitalism. What we are witnessing is the success of liberalism failing. And those responsible will of course, blame the cow.