The U.S. economy is chugging toward a new record for longest expansion, and middle-class families, finally, are seeing decent wage gains. Yet our political leaders, as if stuck in a time warp, keep peddling a bleak narrative of economic victimhood and defeatism.
Populists tell U.S. workers “global capitalism” is rigged against them. Sen. Elizabeth Warren calls for breaking up “big tech” America’s most innovative companies—because they are, well, just too big. Among millennials, socialism’s stock is soaring. Even some prominent libertarians are defecting from the free market camp and learning to love the welfare state.
What a change from the 1990s, when nearly everyone seemed certain that socialism was dead and buried and democratic capitalism reigned supreme around the world.