The big winners under the American fiscal system are the rich, who pay some of the lowest taxes anywhere in the world; the old, who are the main beneficiaries of the American social service state; farmers, rural people. These are Republican constituencies.

The five million people who watch cable news are the political nation, the people who really care.

Donald Trump, as a businessman, he's not much of a builder and he's not much of dealmaker and he certainly isn't very good at making expenses line up with income. But he is a marketing genius. He must have seen an empty market niche that no one but him filled.

One of the great drivers of the alienation that has made Donald Trump possible is that the growth in the American economy has been weak. In the decade from 2005 to 2015, there was not one year when the US hit three per cent growth. And to the extent there's been growth, virtually all of it has been collected by the top 10 per cent of the population. Obviously, if we knew how to make growth faster, we would. We don't. And it's very difficult to make growth more broadly shared. Because it's not just the US that has this problem.

President Trump watches a lot of television. I mean, really a lot. His favourite channel is Fox. Now just imagine somebody wants put a message in front of the president. You can hire a lobbyist or you can buy a minute on Fox or you can even pay somebody at a think tank to articulate your message and then pay a booker at that think tank to get that person on Fox and put the thought directly in the president's ear.

I am not a person of the left. But one of the things, the central idea of democracy is that you have a bigger investment in the system as a whole than you do in any particular outcome.

You can have these fake engagements, these virtual engagements that substitute for actual engagements. You don't have to participate, you can hit a button, send you 200 dollars to the Barack Obama for President campaign and think it's like you knocked on a door. But you didn't knock on a door.