I trace the inequality to a particular set of decisions that we took when we lowered the tax rate from 91% down to very low levels at the top, where we stripped away regulations. So the result of that was not a more dynamic economy, but a more unequal society. We tried the experiment of trickle-down. A third of a century later, we can say fairly definitively that it was a failure.

There is a growing consensus that the European systems have worked better than the American: They have been able to deliver better health care to more people at lower cost.

What most Americans mean when they say "the end of the recession" is, "When will it be back to normal? When can we get jobs? When will the employment rate be back to 4 percent or 5 percent?"

We noted the psychological problems facing many of the returning from Iraq veterans - of the 700,000 returning veterans, more than a 100,000 have been diagnosed with problems, but the numbers are likely to get worse, as those with multiple deployments return. We should have valued the loss of life as a result of these suicides, using the same procedures we used for the loss of those who died in combat.

For instance, one of the costs of the war is that soldiers today get very seriously injured but stay alive, and we can keep them alive but at an enormous price.

When you're facing the threat of recession, you need to have an expansionary monetary and fiscal policy. Pre-Keynesian, Hooverite views are dead everywhere except on 19th Street in Washington.

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.