It's not just the normal operation of things. Rather, the possibility, or potential, for fascism exists in the normal operation of things.
What I'm asking, though, is this a difference of quantity or kind? If everything that happens under fascism can happen under "normal" circumstances, if what distinguishes fascism is just a lot of it happening at once- at what point do we actually transition into fascism? At what point do you reach a critical mass of Bad Stuff and the mundane shifts into a dystopia?
Fascism certainly isn't "revolutionary" the way Marxists use the term, but it is genuinely different from bourgeois democracy and to say otherwise is foolish.
Bourgeois democracy produced the Irish and Bengal Famines, the Atlantic slave trade and the Trail of Tears. Liberal democracy deployed the Friekorps, the Black and Tans and the Baldwin-Felts Detective Agency. I don't disagree that fascism is in many important respects a departure from bourgeois liberalism- what I ask is, when liberal democracy is capable of so atrocities that so clearly anticipate the worst depravities of National Socialism, how fundamental can that difference really be? Should we really look at "democracy" and "fascism" as two great, opposed titans, or is different ways of administering a capitalist society.
No, Trotsky didn't see it as a reason for a sudden call to arms, but he recognized that it was more dangerous than the "normal" state of bourgeois rule.
In any case while my views on fascism have been influenced by Trotsky I see no reason to feel bound to agree with him on every point. Fascism is certainly "capitalism with the gloves off" but it is also different in important ways from bourgeois democracy.
For sure- but the question is, in what ways? Trotsky defined fascism specifically as a counter-revolutionary movement, and one given particular power by its ability to mobilise large numbers of people in the counter-revolutionary cause. For Trotsky, for any of the communist anti-fascists of the era, fascism wasn't simply reaction, its reaction specifically to the emergence of a socialist working class. Bismarck was a reactionary and an authoritarian, but he wasn't a dictator; Porfirio Diaz was a dictator but not a counter-revolutionary; Miklós Horthy was a counter-revolutionary but not a fascist. I will readily grant, it's not a clear line; there were figures like Metaxas in Greece played with fascist rhetoric and aesthetics, and some, like Dollfuss in Austria, went so far as to identify themselves as "fascist". But on this scale, Trump sits firmly to the bourgeois democratic side of Bismarck. If all it takes for a leader to be a fascist, or even a proto-fascist, is a degraded respect for political norms and constitutional structures, then any corrupt right-wing government is "fascist", and most of Europe was evidently lost to fascism by the mid-nineties.
What does "intact" mean in this context? The structures of wage labor and private property demonstrably can work in many different ways. Indeed, private property and wage labor existed before capitalism (though, naturally, in a different form). Wage labor and private property work differently under fascism than under bourgeois democracy. The problem in the US is that there has been a long-term change in the political-economic structure that has made it look more and more like a fascist state, than like a bourgeois democratic state, and Trump is one of many consequences of that process.
My point is, Trump's "fascism" has no clear economic or class content. It's a bit more protectionist in theory, a bit more kleptocracic in practice, but it fundamentally represents the same distribution of property and economic power as that proposed by anyone in American politics from the centre of the Democratic Party rightwards- and the left of the Democratic Party only really offer a version f the same system capitalist tempered by welfarism and trade union rights, which, invaluable as they may be, are not exactly the Communist Party of Italy c.1919. To the extent that wage-labour and property function different under fascism- and I'm not sure that they do, except that they are given greater permission to function without obstruction- there's no clear evidence of that change in Trumpism.