The country has large unfunded liabilities - social security, health care, and there will have to be some adjustments to these problems. What is scary though is how much worse things have gotten in the last eight years, and the Iraq war is one of the main factors.

If you destroy a firm, you can't pull it out of bankruptcy overnight.

Health care is very different from other sectors of the economy in several respects, one of which is the fact that the risk can be very high beyond people's ability. That leads to insurance.

Trickle-down economics is a myth. Enriching corporations - as the TPP would - will not necessarily help those in the middle, let alone those at the bottom.

Our economy has not served large fractions of our population. Trump grasped that. And rather than saying, "What have we not done right?" he said, "It's those foreigners. Let's build a wall." He says globalization is unfair to the United States.

No one would look just at a firm's revenues to assess how well it was doing. Far more relevant is the balance sheet, which shows assets and liability. That is also true for a country.

There have always been two theories about inequality. One is that it reflects just deserts. The other is that there are large elements of exploitation and inequality of opportunities. The evidence is overwhelmingly that the increase in inequality is associated with those negative factors. If it were all social contribution, then when the top did better, they would be contributing to everybody's well-being. That trickle-down hasn't happened. We've seen median income, people in the middle, actually worse off than they were 25 years ago.