They haven't been universally "wrong" - just wrong for large segments of the population. Equities in America (which are majority owned by the wealthiest top 1%) have done great and the wealth of those at the top has multiplied several times over.

Given that a quarter of all political contributions are donated by the wealthiest top 0.01% (no, not a typo - and 84% of politicians take more from the top 0.01% than all donors giving less than $200), it is entirely unsurprising to me that our policy reflects their priorities.