While I don't agree with him in every particular, I think his diagnosis of the central problem is basically right: the Democratic Party has allowed (even encouraged at times) the dismantling of the New Deal institutions that had been put in place to protect the economically vulnerable from the predations of greed and the power of the wealthy.
This will eventually prove disastrous for the country, unless there is a large grass-roots-up movement for progressive change in this country.