The white cottony substance on the spines and leaves (including new growth) is almost certainly mealybugs. These soft-bodied insects produce a sticky residue called honeydew.
Dip cotton swabs in rubbing alcohol and dab the affected areas. This kills the insects on contact. Repeat as needed.
Once the palm regains vigor, move it outdoors where natural predators (ladybugs, lacewings, parasitic wasps) will keep mealybug populations in check.
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