Yes, it will certainly be so but it’s really the Chinese who will have gotten us. Red is both seriously antiquated and no longer correct in the sense that I think you mean. The Chinese have been through this a number of times before and tend to learn and end up back on top. They may wave a red flag still but that is just to avoid confusing their own population over irrelevancies. The Chinese know that history is important. Their better at that, too.
But, although they will win economically, it’s not clear that they can build a better and happier society without giving up things that are just as hard for them as for us. I think they will be better than our failing system but that’s a pretty low bar.