The election of master self-promoter and air head Donald Trump is going to be Barack Obama’s most enduring legacy. In 2008 it was possible to sell Obama based on identity politics (first black person in the White House, etc.) but the same trick (first female in the White House, etc.) did not sell as well as anticipated. A large majority of U.S. voters are economically worse off than 8 years ago, with no upturn in sight. This simple economic fact, together with Trump’s appeal to racists and bigots was enough to flip this election to the hard right. Not everybody that voted for Trump is a bigot, but all bigots voted for Trump.
Update: Came across this interview of Prof. Michael Hudson this evening. He summarizes the situation well, in my humble opinion.