The White House and American news media are wringing their hands over China’s economic slowdown, which is construed as posing a threat. The argument that China should focus on consumption instead of investment is fallacious, and serves to bolster a Western sense of superiority.
Nobody really knows how to start addressing the economic issues US is facing (without inconveniencing the bourgeoisie). A new deal program would work again if the unions are strong enough to push it, and preserve capitalism. They would also need to stop imposing imperialist agreements with the third world to compete with contracts with China. This would drastically impact profits, but would preserve capitalism. For better or worse the bourgeoisie have hubris to not do what helps them survive. They will blame any minority but the bourgeoisie for the system’s decline (facism).
Right, there’s basically no path towards improving things under the rule of financial capitalists. The new deal was possible because capitalism was still largely in its industrial phase at the time. Today, most of the economy has been financialized and it’s simply not profitable to reshore things like manufacturing.