If we had to pinpoint a moment it might well have been when the US government decided to nationalize Fannie Mae and Freddie Mac. Free-market libertarianism and the ethos of smaller government has dominated US government policy for nearly 30 years – even Bill Clinton and Al Gore were eager to end the era of “big government.” Other than the defense industry, this consensus has pushed government to shrink. The most liberals have generally been able to do is hold the line on this shrinkage.
Now you have a Republican administration that has decided that government can play a role in the economy and that there are some things that are simply too important to be left to the vagaries of the market. Government can once again be considered the solution and not the problem in the US.