In a way, yes. The fatal flaw of "progressivism" is that like all progressive diseases, it has no stop mechanism, and ends only with the destruction of the host.
We are seeing a harbinger of that now, as the 'rats in Washington expose themselves as being organically incapable of fiscal restraint. The president says "we have to live within our means" and then issues a "budget" with the biggest deficit of all time. And his toadies in Congress whine that they cannot cut even one dollar.
IMO it goes even deeper than that. Progressiveism is a classic utopian philosophy, and almost all utopian systems misunderstand failure to mean they just didn't try hard enough, instead of there being inherent flaws in their philosophy. Hence the continuing allure of Marxism and public schools, just for starters, to the hard left. One concept Ayn Rand had dead right in Atlas Shrugged is that most of the time it takes a complete meltdown and failure for the failure of such a system to finally be driven home to the true believers in such.
And therein lies a warning to those of us fighting progressivism - the proponents are not fazed in the least by the events of the last few years - they don't see the role of their philosophy in the meltdown - instead it was just the evil capitalists. Forget the government unions bankrupting governments, forget Fannie and Freddie, forget Chris Dodd and Barney Frank - it was those gosh-darned unregulated credit default swaps that caused it all, and the failure of the rich to pay an even higher share in taxes than the lion's share they pay now.