The populist anger of this election cycle stems, at least in part, from consistently bad economic news. While the overall U.S. economy has been inching forward, most peoples’ lives have barely been improving at all. The average hourly wage for manufacturing workers was $20.83 in June 2006, in current dollars, according to Bureau of Labor Statistics data. Adjusted for inflation, it is only about a dollar higher today.

The dissatisfaction of working-class voters in both parties is understandable. Yet this presents a once in...