"And so the term neoliberal frames the political debate in a way that perfectly suits the messaging needs of left-wing critics of liberalism. The uselessness of 'neoliberalism' as an analytic tool is the very thing that makes it useful as a factional messaging device for the left. The 'neoliberalism' rubric implicates the Democratic Party in the rightward drift of American politics that has in reality been caused by the Republican Party's growing radicalism. It yokes the two parties together into a capitalist Establishment, against which socialism offers the only clear alternative. Obscuring the large gulf between Newt Gingrich and Bill Clinton, Paul Ryan and Barack Obama, is a feature of the term."
Jonathan Chait at New York criticizes the use of the term "neoliberalism."