Indeed the defining characteristic of Fascism, the one thing that differentiates it from communism, is that it allows private ownership of industry. However you may own it but only under direct control of the government ... or else. You can be the boss as long as you do as you are told, period. China does this now and that's why I say they are not commie anymore, they are fascist.
Biden is advocating straight up fascism.
I recall having many teachers and professors discuss communism. Some of them seemed to like the idea, others not so much. But it was a frequent topic -- no private property, dictatorship of the proletariat, end of the class war, etc. Whether people liked it or not, there was the idea that you ought to know what Communism was all about.
But schools never seemed to do that with Fascism. What is Fascism? It's the 'big meanie' was about as much education as I ever got on that topic.
But you've accurately described what Fascism really is, and it's basically China today, and we're just inches away from it now. People don't see it because they were never taught about it.