We’re used to attributing everything by default to Mr. Trump—what’s he done now? But maybe the fact of Trump isn’t driving things, but the central fact of Hillary. It is a fact we all know so well that we factor it in and forget it. It is that people view her as both untruthful and untrustworthy. A Fox News poll out this week said an astounding 74% of respondents said they believe Mrs. Clinton would do anything to be president (68% said the same of Mr. Trump). A Washington Post/ABC News poll also this week showed Mrs. Clinton’s image at an all-time low. Among registered voters, 59% view her unfavorably (60% view Mr. Trump unfavorably). The Post: “If it weren’t for Trump, in fact, Clinton would be the most unpopular major-party presidential nominee in modern American history.” Think of that, in someone well known to Americans for 25 years.

Reading the Fox story reminded me of a moment last February in New Hampshire, during the primaries. It was a weekend night. I was at one of her rallies in a high-school gym in a handsome suburb. It was well-organized—good lighting and security, a buzzy crowd. Mrs. Clinton was introduced and she bounded out—blue pantsuit, well made-up, high-energy, pointing out friends, real or imagined, in the crowd. I thought: Give it to her, she’s 60-something, she’s out in America working the room, making the speech, enacting the joy, when she could be home on a Saturday night watching TV.

Then it struck me. If she weren’t here, she’d be in an empty house in Chappaqua, N.Y., the focus of no eyes—not important, not glamorous, no aides or staffers. I thought: She needs to run, it’s this or reruns on Bravo. I thought: This is why you pick up that there is no overarching purpose, theme or mission to her candidacy—because there isn’t. There is only her need—not to be powerless, not to be away from the center. It’s not The America Project, it’s The Hillary Project.