"Equity" is certainly new as a driving concept in U.S. domestic policy. It used to describe how much progress you'd made in paying down a mortgage. Less than five years ago all of the diversity and inclusion departments housed in Universities and large corporations added equity to their names. Overnight, all these entities had departments of Diversity, Equity, and Inclusion. (Usually not Diversity, Inclusion, and Equity, or DIE).
Equity means rigging for equal outcomes. Equity is described in Kurt Vonnegut's "Harrison Bergeron":
THE YEAR WAS 2081, and everybody was finally equal. They weren't only equal before God and the law. They were equal every which way. Nobody was smarter than anybody else. Nobody was better looking than anybody else. Nobody was stronger or quicker than anybody else. All this equality was due to the 211th, 212th, and 213th Amendments to the Constitution, and to the unceasing vigilance of agents of the United States Handicapper General.
Equity is exactly that opening paragraph from "Harrison Bergeron". I mean, it is weird how closely it lines up, like these people read the story and missed its moral lesson and instead thought it read like a good idea for policy. Very strange, but it is absolutely happening and it is going to get really bad over the next several years.
In a classroom, it would mean giving out free points to certain racial/sexual groups. This would be disguised in some way at first. For instance, all the black students would be rewarded points for attending a special tutoring session that addressed their special needs. Soon, though, it would just be on the syllabus, something like: BIPOCS start with 50 free points. Homosexuals and transgenders start with 40. Straight White Males start with 0. White lesbians start with 10. And so forth. There will be an oppression rubric to guide the process. We'll have so many meetings to sort it out. I love meetings! Fun times ahead!
You'll notice that the Biden administration is going all-in on equity policy, and what that means is that these sorts of programs that pit whites vs. blacks, gays vs. straights are going to ramp up more and more. It is an explicit way to separate people and prevent them from coming together and realizing their mutual interests. You will hear lots about, say, healthcare equity, so hospitals will start to bend over backwards to make black people into pets. That's the leftist mentality when it comes to blacks, and it will spread. Blacks aren't able to get voter ID, and they are much less able to navigate the complex health care system. If you're paying attention, though, no discussions about insurance will be found anywhere. Converting to a single-payer system would be expensive and would cut out the profits to the insurance industry. Diversity and Equity programs are cheap by comparison and it farms out all of that labor to other people, many of whom are leftist useful idiots who will gladly take it up out of a sense of self-righteousness.
Put another way, Equity is, by and large, a diversion from the real issues that plague Americans, so in that sense it is more of the same. It is new in the sense that it is going to tie up institutions and make them even less efficient than they already are, and equity is going to stoke racial animus to 11, so that's going to be fun, too.