The chances are 100 percent that the New New Deal will be even worse than the original. From Ryan McMaken at mises.org:
We’ve entered a new era of politics and government in America, and the Left is pretty happy about it. This week, for example, The Guardian announced, “Biden’s $1.9tn Covid Relief Bill Marks an End to Four Decades of Reaganism.”
From this point of view, “Reaganism” is code for extreme free market libertarian public policy. Or as some call it: “neoliberalism.”
The idea that this sort of Reaganism took over the country contradicts reality, of course. By virtually every metric—from tax revenues and federal spending per capita to the size of the regulatory state—the size of the American state has expanded relentlessly for more than forty years.
But in many respects the headline is correct. The new covid relief bill signals that whatever restraint on public spending existed before 2020 is now all but gone. And the bill represents the beginning of a new era: an era that can be likened to the New Deal. This has long been part of the plan according to social democrats and progressives. After all, there’s been a lot of talk from the Left for years about the need for a “new new deal.” Whether it centers on environmentalism or on healthcare, everyone in these circles agrees on one thing: we need a new surge in the size and scope of the government sector.