It's a bit more than that. They are essentially doing to America what America has done to other countries. Forcing complete privitization of all aspects of life. They're basically doing what was done to the former USSR in 90s but now internally. "Shock Doctrine".

Fascism is Imperialism turned inward on the imperial core itself. The suffering of the working class will be blamed on "the left" resisting and "harboring criminals". They'll use that as an excuse for further militarization of the police and ICE. By the time white middle class people realize what's happening the US will have started a "defensive" war and rely on nationalism to keep the population subservient during ever worsening material conditions.