While I agree that when there's a push for change by the left, the elite will redirect it towards the right to save themselves, I don't think that's what's happening here. There isn't an effective push for change on the left for them to fight.

The rise of Trump among young voters was driven in part by the failure of the Democrats to offer a credible alternative (same in the UK), the global rise in the far-right in general (even in countries where they have no credible path to power, like Germany or Australia) is due to the unique psychology our environment has created for this generation.