Not a deal within the old system. A new system.
The New Deal was one of the most important political achievements of the 20th century. In four years it restructured the social contract of industrial capitalism: labour rights, financial regulation, social insurance, public works. It took a system that had collapsed under its own extractive logic and made it sustainable for another generation.
What the New Deal got right was the ambition. A technological and economic transition of civilisational scale requires a new social contract — not incremental adjustment but structural renegotiation of who gets what, on what terms, with what protections.
What the New Deal could not do was make that social contract permanent. Every provision required continuous political defence. Every gain was contested by the actors the old substrate rewarded. The 40-year neoliberal re-wiring was precisely the systematic reversal of the New Deal overlay by the actors the underlying substrate still rewarded.