To end the spiritual impoverishment of Western culture, Jung recommends the following: that the rationalist suppression of myth and of other manifestations of the unconscious need mitigation, but not by a new theology or new dogmas; rather, by a therapeutic release of the myth components from the collective unconscious. The neurosis of modernity is defined by Jung as the suppression of precisely those irrational components. Therefore, Jung is recommending an essentially private religiosity without institutional reference or communal membership for the individual in need of an integrated symbolism....

In other words, "spiritual but not religious." In essence, this is a fairly common observation, though we usually hear it praised rather than viewed with Rieff's dry skepticism, and where it's criticized, not so precisely. What follows, though, is a little surprising:

This, then, is a religion for heretics in an age where orthodoxy no longer serves the sense of well-being. Jung's is a literary religion that demands more imagination than faith, more magic than science, more creativity than morality. Jung never analyzes the social structures within which all creative symbolisms occur. Indeed, he seems unaware of social structure. His psychology of the creative unconscious is remarkably old-fashioned, a secular version of the theology of the Creative Person which forms the central pillar of the huge and variegated growth we know today as Protestant theology. (p. 114)

My emphasis. I assume he's referring there to liberal Protestantism. It certainly doesn't seem to describe fundamentalist-evangelical Protestantism, at least not of Rieff's time. But I have the impression that the therapeutic mentality has made great inroads there in recent years, in what's been called "moral therapeutic deism." 

Oh look: MTD has a Wikipedia page.