Not even close, it's growing. People prefer a big democratic socialist government than an absolute totalitarian private government in the form of big business controlling everything. It's better to have your nation's infrastructure, utilities, natural resources in the hands of people you elect and can recall if proven incompetent or corrupt, than to have those vital national resources in the hands of billionaires, who are, for all intents and purposes accountable to no one.
Many nations around the world are adopting a socialist, mixed economy. All of the most robust economies in the world are mixed, with the vital, heavy, top industries in the hands of the government. In the United States, working class people have been brainwashed by the wealthy elites to believe government is always "inefficient", "corrupt", "totalitarian" while private industry is efficient, pure and democratic.
Working class America had it good after WW2, becoming the aristocracy of labor (best paid, great benefits package, strong unions..etc). All of that changed with Ronald Reagan's supply-side "trickle down" economics.
Socialism is the inevitable main economic model of the future. It's the successor of capitalism, just as capitalism was the successor of feudalism and chattel slavery.
