"The New Normal" as a slogan is simply the left acknowledging it's their approach to issues that is the problem, but they're no longer pretending to care and simply saying 'we refuse to change what we're doing even though its clear it doesn't work, so get used to it'.
Same with the economy - >2% growth isn't inevitable unless you accept the left's 'tax, spend and regulate the snot outta everything' philosophy, so they're calling sub 2% GDP and 12% U3 unemployment the 'new normal'.