"Trumpism relies on the fusion of two groups of people: a tiny number of oligarchs, and millions of everyday people who are constantly victimized by those oligarchs."
… To get this latter group of Christmas-voting turkeys to stay in the coalition, Trump needs to deliver something that keeps them happy. Mostly, Trump delivers negative things to keep them happy – the spectacle of public cruelty to immigrants, women, trans people, academics, etc. There is a certain libidinal satisfaction that comes from watching your enemies suffer – but you can’t eat schadenfreude. You can’t make rent or put braces on your kids' teeth or pay your medical bills with the sadistic happiness you feel when you hear the sobs of people you’ve been taught to despise.
For Trump to keep the turkeys voting for Christmas, he needs to do something for them. He can’t just do things to scapegoats. But America’s eminently guillotineable oligarchs have found so many ways to turn working peoples' torment into riches, and they are so greedy and unwilling to give up any of those grifts, that Trump can’t manage to deliver anything positive to his base.