I can't really parse that sentence but the Wikipedia page for neoliberalism will give a run down of the various definitions that have muddied the waters, the current widely accepted definition and how the modern definition relates to the policies of politicians like Reagan and Thatcher (may they both rest in piss).

As far as I can tell it mean 'not liberal but is trying to pretend like it is'.

The fundamental of neoliberalism is still doing the capitalism but trying to make it work. However it also has a lot of intersection with 2k-era neoconservativism which pushes a little harder and tries to privatize everything.

Since then, the evidence privatization turns into enshittification is all over the internet, but the GOP has moved on to authoritarianist sabotage of elections to stay in power. And the establishment majority of the Democratic party is still neoliberal, beliving capitalism can at least be prolonged.

Of course, in doing so without reducing precarity and poverty, the DNC is only pushing us towards fascist rule, since blaming marginalized groups is a basic maneuver.

Incidentally there are capitalists who still argue that we can make capitalism work if and only if everyone agrees to treat the labor well (social safety nets, etc.) But the pursuit of infinite growth and ever-higher dividends has made this a controversy since the early years of Ford Motor Company. So there's no sealant strong enough to keep that boat from sinking.