The give-and-take of Western democracies depends on the idea that we can craft political solutions that enable most people to win most of the time. But in a world without growth, we can expect a loser for every winner. Many will suspect that the winners are involved in some sort of racket, so we can expect an increasingly nasty edge to our politics. We may be witnessing the beginnings of such a zero-sum system in politics in the U.S. and Western Europe, as the risks shift from winning less to losing more, and as our leaders desperately cast about for macroeconomic solutions to problems that have not been primarily about economics for a long time.
It could be dismissed as the jeremiad of a bitter old man - if he wasn't so young and successful! More importantly, he believes in investing for the future: hence the recent announcement of the first of the 20 under 20 Thiel Fellowships. Politics might be a zero-sum game at present: but the future doesn't have to be.