Modern American liberalism is democratic socialism and that’s what it has meant since FDR…

"In the United States, liberalism is associated with the welfare-state policies of the New Deal programme of the Democratic administration of Pres. Franklin D. Roosevelt, whereas in Europe it is more commonly associated with a commitment to limited governmentand laissez-faire economic policies."Consequently, the ideas of individualism and laissez-faire economics previously associated with classical liberalism are key components of modern American conservatism and movement conservatism, and became the basis for the emerging school of modern American libertarian thought.

This doesn’t mean that liberalism = conservatism.