It's more than that, but it's a long story to explain how we went from the 1930s to now. I don't think you would have had neoliberal austerity the way it happened under Reagan if the Hitlerite faction hadn't already creeped into a few vital positions. Reagan's neoliberalism was always predictated on an expansion of state power and militarism, and the suppression of any popular will with brute force. It was never something you actually got to vote on, but the middle managers who bought into Milton Friedman's bullshit were able to assist in violently suppressing labor, had perfected new methods to break labor and the poor and any solidarity in society. And this was made possible by changes in society initiated during the New Deal era. The thing of the New Deal is that it was always going to be temporary, it was a reaction of liberalism to the crisis of its day, built with the intention of raising a middle educated class. Once that middle class was of sufficient size, the ladder was withdrawn and a new social ordering has, over the past 50 years, been violently asserted, culminating in Obama making a lot of upper-middle class managers very wealthy with his numerous schemes.
I don't think Trump resembles "fascism" in the classical sense of Mussolini - a new fascism would look very different due to the conditions of America now, compared to Italy or Germany then. But it is definitely the same base, and would support the kind of measures a fascist would approve of.
The formation has always been present in American society, though the strength of its expression has varied. They don't acquire this ideology because it is genetically inborn, but because it has been cultivated (and was cultivated during the rise of the original fascists), and it has always been allowed to simmer because it is useful. The degeneracy on display today with Trumpism is the success of social engineering; before, faggotry like Trump's would have been laughed away, but because the capture of society has reached a far higher stage today, we are put through this theater to re-enact Weimar so that liberals can play-act and enabled the creeping Hitlerism to take hold. At any time, the liberals could put a stop to this madness, or at least present like they are going to put a stop to it. But no one wants to.