Non sequitur

This is a glaring example of nonsequitur (illogical nonsense): just because two things happened at the same time does not mean that one caused the other. This kind of argument widely occurs in  areas unconcerned with epistemology: journalism, election propaganda and actually even in academic disciplines unable to see the whole  sky from inside their epistemic well (e.g. explaining the social exclusively through economy).

In reality, all those wonderful things (with exception of Communism downfall and the Internet, which happened 3 decades later) happened not because of the high taxes but because there was room for the economy to expand. Bloating finance with fake money (aka credit extension), newly gained access to raw materials and markets, population growth were also major factors that cannot be replicated again.

Now developed economies can only grow by kicking the dead cat: dot.com, green technologies, financial derivatives, etc. The famous marketing technology of Super-Size Me is another example of how consumerist needs can be artificially stretched way beyond natural needs, to detriment of those on the receiving end of such a ploy (re. the obesity epidemic). Spurring economy into constant growth is the same phenomenon as cancer, uninhibited growth of cells. Sticking with such a carcinogenic model will only keep causing problems.

The market is saturated, growth-based economy is done, time to learn to get on with it.